College students in Ohio are accumulating more debt than ever to pay for their bachelor’s degrees — a record $29,037 for the class of 2012, according to newly released data.
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Tips for borrowers
Don’t borrow more than your starting salary. Example: If you take out $25,000 in loans, your monthly payment would be $288. To “easily” manage that payment, your salary would need to equal $35,000, according to collegeanswer.com.
Don’t borrow for non-essentials. “Student loans are intended to finance your school expenses, not your trip to Mexico for spring break,” according to collegeanswer.com.
Talk to your lender. If you have trouble repaying, talk to your lender and, for federal loans, inquire about income-based repayment. Learn more at studentloans.gov.