Borrowing money for college may be inevitable for students, but be wise. Student debt can imprison a young adult well into middle age. A good rule of thumb you should use in deciding how much to borrow is to look at your potential starting salary upon graduating with your anticipated major. If your average starting salary is around $40000, $40000 should be the maximum dollar amount you should be willing to borrow over your four years. They will loan you more, but you should find a way other than borrowing more (work, considering a less expensive school, etc.).
If your major has a lower salary earning potential, you won't have the resources to pay for a lot of student loans. This eventually leads to a miserable existence. Be wise with financing your education, and be willing to consider the cost of attendance above other factors like campus appeal, success of the football team or the place your friends are "all going." Those things won't matter when you are forty and your kid needs braces.
Happy thoughts, huh?
