Reply to If you took out six figure student loans for a professional degree, what was your strategy

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I've heard, for a graduate degree, you should never take on more debt than the salary you would earn during the first, full year after obtaining the degree.[/quote]

Actually, that's the advice money managers give for bachelor's degrees --- never take out more for college than you expect to make in your first year doing the job you are trying to prepare for.  [/quote]

For a bachelors that makes total sense.  CS majors could take out $80K, don't recommend it as it is not needed, but they could and do ok.  History/English/psychology majors probably shouldn't take more than $40K for undergrad. [/quote]

+1 This makes sense to me too. I've met a lot of people who are saddled with debt because they wanted to go to the more exclusive school, but they don't earn much money. Top school doesn't always = high salary (especially for certain fields).

We told our kids that we'll pay for in-state schools or give them that amount towards tuition elsewhere, and they should only consider pricier schools if it will lead to a higher paying career or they get scholarships. I know this goes against the DCUM grain, but we're not sacrificing our retirement plans just to get them expensive degrees to get a career with a low ROI. It makes sense to take out loans for a top law school, but not to max out your salary at $90K at some SJW nonprofit.[/quote]

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