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How much student debt should I take on?
The amount of student debt you take on needs to be within the realm of being paid off in a few years. The amount you project to make in your career is one factor. Taking on $100,000.00 in student debt for an Art History degree is unwise and a straight path to poverty. Notice I didn’t say bankruptcy, because you can’t get rid of student debt by declaring bankruptcy. Your goal should be zero debt.
Student Debt is evil. There, I said it. The reality is even $1.00 in student debt is too much. Your goal should be to finish college, graduate with an undergraduate degree and have zero debt. This is absolutely possible, and you don’t have to be part of the 1% to do it. You just have to be willing to educate yourself and buck then trend.
Know why you’re going to college; what it will and won’t get you
Every person and situation is different. We each have talents and interests that if pursued, practiced and developed, can make a great career and ultimately a life. We have families of varying levels of wealth. “Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” (Malcolm X) College is not necessarily the same as education. You can attend college for 4–5 years and not get an education. At the same time, you can live those same 4–5 years paying far less than $40,000 per year and gain invaluable education.
