2 answers
Mikayla
Student
San Marcos, Texas
2
Questions
Asked
721 views
how long does it usually take to pay off loans?
I am about to enter college and am worried about how long I will be in debt for after i graduate from college #graduate
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2 answers
Wael Al-Rihawi
Mechanical Engineer I Automotive
1122
Answers
Redford Charter Township, Michigan
Updated
Wael’s Answer
It depends on how much loans you are going to put on yourself and how much your payment are going to be. Until now I heard about people graduating with 40K in loans and some with 250K. It is all up to you and your planning.
Kari Fass, EdM
Operations Manager
11
Answers
Portland, Oregon
Updated
Kari’s Answer
Hi Mikayla!
I worked with college students for ~13 years and so I saw a lot of students make different decisions about how to manage their loans. You actually don't have to accept all the loan money offered to you! :)
The biggest piece of advice I would offer is not to max out your loans unless you absolutely have to, which often times comes down to managing your daily/weekly spending conservatively.
A lot of students will spend extra money on eating out, buying new clothes every month, or upgrading their laptop/phone when it's still working. Those may seem like small choices, but they can add up over time!
I also recommend having an emergency savings that you genuinely don't touch unless it's a true emergency, like medical expenses, a car accident, etc. (You might need take a little bit extra of financial aid your first semester or year so that you have a few hundred dollars set aside in this account; as long you don't spend it, it will ready and waiting for you!)
The other really great thing is that keeping your spending to a minimum is a skill that can help you later in life as well!
Wishing you all the best!!
I worked with college students for ~13 years and so I saw a lot of students make different decisions about how to manage their loans. You actually don't have to accept all the loan money offered to you! :)
The biggest piece of advice I would offer is not to max out your loans unless you absolutely have to, which often times comes down to managing your daily/weekly spending conservatively.
A lot of students will spend extra money on eating out, buying new clothes every month, or upgrading their laptop/phone when it's still working. Those may seem like small choices, but they can add up over time!
I also recommend having an emergency savings that you genuinely don't touch unless it's a true emergency, like medical expenses, a car accident, etc. (You might need take a little bit extra of financial aid your first semester or year so that you have a few hundred dollars set aside in this account; as long you don't spend it, it will ready and waiting for you!)
The other really great thing is that keeping your spending to a minimum is a skill that can help you later in life as well!
Wishing you all the best!!