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How much student loan debt can I afford?

It is up to students to place limits on how much debt they are willing to incur for an education.  Borrow wisely by utilizing the following resources and guidelines :

  •  Live like a student while you are a student. Check out a few financial savvy tips here.
  • A student's loan payment should not exceed 8% of their expected monthly gross income after graduation. To view expected salaries by career click here.
  • Parent or adult borrows must consider their total debts -- including mortgage payments, credit cards, car loans, etc. Total debt payments should not consume more than 35% of gross pay.
  • Keep track of total student loan debt. It's easy to forget how much you owe, particularly if you borrow from a number of different lenders over a span of several years. Students can view their total student loan debt here.

Looking for a loan repayment estimator?

Click here to view personalized options after logging in with an FSA ID. Please contact the Financial Aid Office for additional questions regarding financial literacy.

*The following chart is based on the standard repayment option of 120 payments, a 6.80% interest rate and the salary required to not exceed loan repayments of more than 8% of income.

Total Student Loan Debt Monthly Payment Minimum Annual Income Needed To Reasonably Afford Monthly Payment
$5,000 $58 $8,700
$10,000 $115 $17,500
$20,000 $230 $35,000
$30,000 $345 $52,000
$40,000 $460 $69,000
$50,000 $575 $86,000
$100,000 $1,151 $172,000

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