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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: How we raise our children Date:  3/23/2011  12:33 PM
Author:  alstroemeria Number:  301497 of 312795

After finishing college it was at about 30-40% of her initial annual income. It will be paid off soon. It wasn't trivial, but not outrageous.

My son's student loan total was nearly 60% of his initial salary, which hasn't been a problem--from the first he saved 2-3x his loan payment into an ING account every month. But it's harder nowadays to land a good job right out of school. In retrospect, it was a bit risky. Borrowing one's entire tuition for 4 years could easily be 100-200% or more of one's initial salary. Seems a risk that's likely to pay off only for very conscientious students entering lucrative professions.

Young adults fresh out of school often feel they've earned brand new wheels and may easily have higher car payments than student loan payments.
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