Any opinions/comment are welcomed
Full Version: How much in loans is too much?
My Wife is a LPN. She wants to return to school for her RN-BSN and continue to a CRNA MA (Certified Nurse Anesthetist). I am currently finishing my AS in Graphic Design and will make about 40k - 60k a year once I go Full-Time. I will have about 20k in student loans when I am done and my Wife already has 22K from LPN School. The CRNA tuition alone for the two years is a total of 60k. She cannot work during this time and we will need more loans for expense so I am figuring about 120k total for the two years. She is guaranteed to make well into the 6 figure range once completing. Does this seem like a dumb Idea? Only other debt is a 15k car loan to honda finance which will be paid off by the time she starts CRNA school in 2 years.
Any opinions/comment are welcomed
Any opinions/comment are welcomed
I actually just finished reading an article on moneycentral.msn.com on this exact subject.
Entire article here:
The Insiders Guide to Student Loans
Excerpt here:
Entire article here:
The Insiders Guide to Student Loans
Excerpt here:
QUOTE
An insider's guide to student loans
If you need to borrow money for your education, someone will lend it to you. Here's what you need to consider before you commit.
By Liz Pulliam Weston
...
How much should you borrow?
If you're a student, you should generally limit your debt so that your loan payments after you graduate don't eat up more than 10% of your expected monthly income. Figure you'll pay $10 to $12 per month for every $1,000 you borrow if you repay the loan over a 10-year period.
If the math makes your head hurt, you can just use the rule of thumb that you shouldn't borrow more in total for your education than you expect to make your first year out of school.
If you need to borrow money for your education, someone will lend it to you. Here's what you need to consider before you commit.
By Liz Pulliam Weston
...
How much should you borrow?
If you're a student, you should generally limit your debt so that your loan payments after you graduate don't eat up more than 10% of your expected monthly income. Figure you'll pay $10 to $12 per month for every $1,000 you borrow if you repay the loan over a 10-year period.
If the math makes your head hurt, you can just use the rule of thumb that you shouldn't borrow more in total for your education than you expect to make your first year out of school.
QUOTE (KoolMikeSki @ Sep 19 2008, 10:29 PM) 
My Wife is a LPN. She wants to return to school for her RN-BSN and continue to a CRNA MA (Certified Nurse Anesthetist). I am currently finishing my AS in Graphic Design and will make about 40k - 60k a year once I go Full-Time. I will have about 20k in student loans when I am done and my Wife already has 22K from LPN School. The CRNA tuition alone for the two years is a total of 60k. She cannot work during this time and we will need more loans for expense so I am figuring about 120k total for the two years. She is guaranteed to make well into the 6 figure range once completing. Does this seem like a dumb Idea? Only other debt is a 15k car loan to honda finance which will be paid off by the time she starts CRNA school in 2 years.
Any opinions/comment are welcomed
Any opinions/comment are welcomed
This is a bit off topic, but how is your wife going to go into the RN-BSN program with an LPN? Doesn't she need to be a RN first?
Do you really need to borrow $30,000 a year for just living expenses? Can you even borrow that much above tuition costs? I'd seriously suggest some budget overhauling.
I've read a guidline of 10% of your income, or your first years salary as the max....and as usual, take the minimum you can use to pay.
QUOTE (Maxine @ Sep 29 2008, 07:48 PM)
Do you really need to borrow $30,000 a year for just living expenses? Can you even borrow that much above tuition costs? I'd seriously suggest some budget overhauling.
I agree.
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