College Planning Specialists

June 17, 2008

Parents: Do Your Students Know How Much They Owe On Their Student Loan?

One of the most important details to understand is to make sure your student fully understands what will be owed once they graduate college. In our opinion, their total Student Loan payments upon graduation should not exceed 8% – 10% of their monthly gross income.

If in doubt, be sure to gather your pay off information and plan to pay back your loan within your budgetary constraints. Make a timeline for when you will be paid off by building in time for unexpected events. Review your timeline as a way to stay on top of your dwindling debt, and as a incentive to remove this burden from your life forever

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