Great Advice for Parents 2020

How to keep student debt affordable

Regardless of whether you attend one of the above schools, choose a college that enables you to keep student loan payments manageable. As a rule of thumb, limit college borrowing such that future monthly payments don’t consume more than 10% of your projected income. A student loan affordability calculator can help you make this estimation. Then, look for relevant programs that are relatively low-cost or award enough scholarship money to offset your out-of-pocket expenses. This approach isn’t as fun as believing your dream school is priceless. But you’ll thank yourself when paying the monthly student loan bills in the future.

Teddy Nykiel is a former staff writer at NerdWallet, a personal finance website.

The article 3 Colleges That Help You Handle Student Debt originally appeared on NerdWallet.

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