A University of Nebraska-Lincoln Extension expert says students heading off to college should take with them a new sense of financial responsibility.
Extension family economist Kathy Prochaska-Cue says parents
should talk to their college-bound children about money and paying
off college debt.
She suggests that to estimate the maximum amount of affordable
college debt, parents and students need to find out the starting
salary for the starting job the student is going to get.
She says a good guideline is for loan payments to take only up to 10 percent of the monthly salary students anticipate.
Prochaska-Cue also says college students should use their
student loans only for necessary educational expenses and limit
credit card debt.