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As a rule of thumb, you should not take out so much in student loans that you will pay more than 10% of your monthly income post-graduation. Research the average salaries of the field that you would like to enter and divide by twelve to estimate your monthly earnings. Do not take out a loan that would require you to pay more than that per month.  Student loans are typically considered a “good” form of debt, because college should increase your earning power enough to pay back the loans. Just be careful that your career choices are compatible with the amount of debt you might incur. Be cautious when taking out loans to attend a for-profit university. Tuition at these institutions is very high and their graduates have had difficulty obtaining jobs. One major chain of for-profit universities is currently being sued for its practices.  Do not let student loans deter you from pursuing a degree in highly profitable fields like medicine. Tuition can be particularly high in fields that require postgraduate degrees, but the earnings are more than sufficient to cover student loans. When in doubt, closely and intensely study statistics for your profession of choice. If you are entering a postgraduate program, it should also be able to give you statistics on student placement. Ask for these to confirm that the program is competitive and that it will secure you a job commensurate with the average wages in the field. If you meet certain requirements for long enough, the remainder of your debt will be forgotten. Specific types of student loans, including Direct Loans, Federal Family Education Loans, and Federal Perkins Loans can be forgiven if you make 120 on-time payments while working for a public service organization. Such organizations include the federal, state, or local government and not-for-profits designated as tax-exempt by the IRS. Find an Employment Certification Form on the federal student aid website. Submit it annually to verify that you are meeting requirements for loan forgiveness. Employers are often willing to commit some money to paying off student loans in fields that require specialized skills, including tech, nursing, engineering or finance. You should raise the question when you and your employer are scheduled to discuss compensation. An example would be during hiring negotiations. If you are already working for a company, wait for your annual review. Expect to forego a higher wage and commit to work for the company for a set years of time in return for the student loan payment. This can be a mutually beneficial arrangement because it will save your employer money in wages over the long term, while shaving off interest on your loans. You can save money by claiming a tax deduction on interest paid for student loans. You cannot claim a deduction for the principal on your student loan. Call your lender to ask what portion of your payment was toward the interest on the loan and what was on the principal. You can only claim this deduction if your modified adjusted gross income as an individual was less than $75,000 or $150,000 as a couple. The deduction also only applies if the loan was taken out for educational expenses. Consult an accountant to verify that you qualify. This is an exception to the general rule that you should pay off high interest loans first. Private loans offered by banks are often “variable” loans, which means the rate of interest changes with the general circumstances of the economy. Right now, the interest you pay on these might be lower than what you pay on your federal loans. However, as the economy improves, these rates are likely to go up.  Save yourself the risk of rapidly growing credit bills by putting whatever extra money you allocate to student loan repayment toward paying off your private loans.
Do not take out student loans if college will not significantly increase your earning power. Seek student loan forgiveness. Ask an employer to pay off your student loans. Claim your tax deduction. Pay off private student loans first.