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How Much Monthly Income Should Go to Student Loans?
Money.com
2/25/2021
© Mark Wang for Money
College-2021-How-Much-Income-Pay-Student-Loans
Most federal student borrowers haven’t been required to make a payment in nearly a year now. During this interest-free pause, some borrowers have taken advantage by skipping payments and redirecting that money elsewhere. Others continue to pay, hitting their principal debt.
Whichever camp you fit into, this break might be a good time to assess typical payments. How much of your money should you actually be allocating to student loans each month in an ideal budget?
The US Department of Education recommends students not borrow more than 8% of their projected gross income or 20% of their “discretionary income.” The problem is many students borrow without understanding prospective salaries for their career path, nor do they understand the difference between discretionary, take-home, or gross income. Someti ....

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