Reply to How much college DEBT is too much?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I read that your salary first year out of college should be greater than your debt or it will take you 30 years to pay back.
 
So if your first years salary is 40k, don't take on more than 40k debt.

DH had 85k and I had 0. It hasn't impacted our life at all. Still bought a 400k house 3 years after graduation. Aren't concerned about it. The debt is now down to 15k at 27.

[/quote]
What if it takes 3-6 months after graduation to secure that first job?[/quote]

That's why there is a 6 month grace period before repayment begins. [/quote]

Extend it to a year and a half or two and that'll reflect the job market new grads face now.[/quote]

I finished my bachelors in 2010 and had a job in 2 months. I finished my masters this year and had a job before I graduated. The reason I had no trouble getting a job when I finished my undergrad is because I worked full time all the way through school. When I graduated I was ready to take on a managerial position because I had already served my time. I wanted to move to a new city, so the search took longer since I had to travel for interviews. A college degree on its own does not guarantee a job. People seem to forget that fact. [/quote]

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