Post Academic


How to Avoid Student Loan Debt

Image Source,Photobucket Uploader Firefox ExtensionIf you insist on taking out a loan for graduate school, remember …

Don’t do it. That’s the easiest way for potential grad students to avoid student loan debt.

But who are we to get in the way of a career dream? So, if you insist …

Don’t take out anything more than you think you can make in the first year. Assume that you’ll be employed at a state school, not at a private school. Visit sites that list the salaries of state employees, and look up the salaries of people you know are assistant professors in your field. (It’s a lot more polite than asking people what they make.) Type in “state employees salary database” in Google and see what comes up. Many newspapers keep a database for muckraking purposes. If you’re in California, start here: http://www.sacbee.com/statepay/

Get federal loans at a fixed rate. Perkins or Stafford loans, for example, come from the government, and they have a fixed rate. You don’t want to get a private loan with a variable rate. That variable rate might seem low when you first get the loan, but it can go up based on market whimsy, and the market has been unusually whimsical as of late. At least with a fixed rate, you will have an easier time setting a budget.

More after the jump! Cover of Bleak House from Wikimedia Commons. (more…)