Posted May 08, 2019 06:30:03If you’re looking for a new career, start with a $500,000 loan.
That’s the average amount of student loans for graduates of public, private, and international universities across the U.S. The National Association of Student Financial Aid Administrators says students who don’t qualify for federal loans often get an “A” on their credit reports.
But it’s worth noting that the average debt load is more than double the average income of graduates of those same schools.
So, what can you expect to pay for your first loan?
That depends on your income and your school, but the median annual loan amount is about $30,000 for private students.
For more: Learn how to get your first mortgage and how to make a down payment.
How much will it cost to get started?
The average cost of a loan for students with no formal education is about 4.5 percent of the amount borrowed, but that depends on whether you’re earning less than $60,000 a year and are in an undergraduate degree program.
And it’s likely to vary a lot depending on your financial situation.
The average cost for graduates who have attended two years of college is $45,000, according to the NAFA.
It’s also worth noting the median loan amount of $17,000.
And, for those of you who graduated with a Bachelors of Science degree, the average loan amount will vary from $35,000 to $50,000 depending on the program you attended.
The average amount for graduates with a Master of Science in Finance degree is about 8 percent of average income.
For the most part, student loans can be repaid in a few years, depending on how much you earn and your loan balance.
So, if you get an offer for a loan, you should check your financial status, look at the details of the loan and take advantage of the low interest rates.
