I get asked a lot of questions about student loan debt. And almost every email starts with the following:
- I have a ton of debt
- I'm buried in debt
- I don't know what to do about the amount of student loan debt I have
It's the same story: everyone thinks they have “a lot” of student loan debt. But what really is “a lot”? Is it $30,000? Is it $50,000? What level of student loan debt is a lot?
How Much Is A Lot Of Student Loan Debt
Thinking about this question, I thought of a few answers:
- Maybe “a lot” of student loan debt is a straight number? If so, what's the cut-off?
- Maybe it has to do more with after-graduation salary? Should we be thinking about “a lot” of student loan debt as a percentage of income?
- Or maybe it's not about just after-graduation salary, but also job? Doctors, after all, have a lot of debt – and it does take a few years to earn a great salary.
Those are some of my thoughts, but what do you think –
How much student loan debt is “a lot”? Is it a number or is it more of a formula?