Office of University Financial Aid
Students should be careful to avoid borrowing excessively. A reasonable monthly student loan payment should not exceed 8-10 percent of one's monthly gross income. (See the Monthly Budget Calculator and Loan Payment Calculator.)
The average student loan debt of borrowers who graduated from the
College of Arts & Sciences in the spring of 2007 was $28,000. (About three
out of every four graduates from the class of 2007 borrowed a student loan.)
Assuming a 6.8 percent interest rate and 10 years to repay their loans, average
student borrowers will make monthly loan payments of $322.22.
Prior to borrowing their first Perkins, Stafford, Grad PLUS, or SELF educational loan, students are required to complete loan entrance counseling to ensure they understand their rights and responsibilities. Borrowers must complete this online counseling prior to the disbursement of their loan.
Remember to complete entrance counseling for each type of loan you will use:
Upon graduation (or dropping below half-time status), students will complete loan exit counseling to prepare for entering repayment. Select one of the following links for online loan counseling.