|
Student Loans are recognized as "good debt". Many banks will look at them as an investment in your future. Even with my huge student loan debt I was still able to buy a fairly expensive house. I had NO credit card debt and no car payment though so I think that helped. Plus this was the third property I owned so I had established credit. I then purchased a car in January and still had no problems financing it even with a huge mortgage and student loan.
I think people need to also look into the future and try to determine if their post graduate degree is going to help them get a better job and how much it will pay. If I had graduated with 77,000 in student loans and I was going to be a teacher (even a principal)-frankly I would have been screwed. Fortunately, there is a high demand for veterinarians, especially when I graduated back in 97. We pretty much get to pick and choose our jobs. I am not saying all of them pay well-there are some $hitty jobs out there. Emergency vets get payed well because we work at night/weekends/holidays and it is a high stress job (which I LOVE!) so there aren't many applicants.
My friend who graduated with 100,000 in student loans graduated last year when the economy was in the tank and even though she now had her MBA, there were so many business people/MBA's out of jobs it was an employers market, not employees. She finally got a job that she enjoys but it will take her a while before she breaks even as far as her debt to salary ratio.
|