If you owe $60,000 in student loans, and begin your first payment 6 months after you graduate, you will have to make a payment of $500 per month, every month for ten years! Plus, don’t forget to keep adding on the interest! If you are lucky enough to land a job that starts at $25,000 a year, you’ll probably take home about two thirds of what you gross because of taxes and benefits. Then pay your $500 student loan payment, you will be able to take your remaining $875 a month or $219 a week to pay all your other bills!
It probably won’t take you long to realize that your quality of life as a college grad has been reduced to where you were if you worked in fast food during high school! And we still haven’t factored in all the interest! Read the rest…
