Illinois borrowers average $28,424 in student loan debt – Capitol News IL

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debtsor
6 years ago

$28,000 in debt is actually not too bad. Trust me, I graduated with A LOT more and that was 20 years ago. But if a 22 year old graduates college with a $50,000 a year job (or works up to that within a few years of experience); the payment at 6% is about $550 a month for 5 years or $310 a month for 10 years. At $50,000 a year you’re taking home about $3,000 a month, maybe more or less depending on health insurance, and you’re 22 years old. So pay off the student loans, leaving $2,450 a month… Read more »

Platinum Goose
6 years ago
Reply to  debtsor

They also should base the amount of the loan on the degree being pursued. Some degrees are worthless and will just get you a job with limited advancement opportunity. I don’t think they should be discharged but I think at some point you stop the interest and what you pay is a function of your taxable income.

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