What’s your plan for repaying student loan debt after you graduate? Has your loan debt reached a point that’s going to make it challenging to repay, or have you kept your borrowing to a minimum?
This weekend, your challenge is to look at the average starting salaries in the industry you plan on working in after graduation. Then, use that information to create a post-graduation budget for yourself that includes student loan payments on the debt you’ve already borrowed.
To get an estimate of your post-graduation living expenses, you can go here: http://livingwage.mit.edu/
To estimate your student loan payments, go here: http://www.finaid.org/calculators/loanpayments.phtml
To get your estimated after-tax salary, you can use the calculators here: http://www.paycheckcity.com/calculator/netpay/us/arizona/calculator.html
Tips to use the paycheck calculator:
- Make sure to change the state
- Enter weekly or biweekly for your pay frequency
- Enter 1 federal allowance if you are single and 2 if you are married
- Enter additional deductions only if you have children