You’re about to start your journey to college. There’s a lot of excitement in the air, but there’s one nagging question: just how much student loan debt is too much? It’s a common dilemma. You’re dreaming big, but you’re also thinking about the future. The best way to tackle this is to know what you’re getting into. There are several ways you can prepare yourself to determine the right loan balance for your situation and what might be pushing it. The Important Role of Your Field of Study The field you choose plays a big role in deciding how much student loan debt is manageable. It’s no secret that your loan balance should ideally correlate with your earning potential. For example, medical students often take out large loans because the earning potential for doctors is typically high once they start working. However, if you’re pursuing a career in a field with a lower starting salary, you should be more cautious about accumulating substantial debt. Here’s an example: Let’s say you’re planning to become a social worker. Social work is a noble profession, but the average salary might not be on par with the debt a medical student can justify. Knowing […]
