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How much student loans can I take with a mechanical engineering starting salary

I am a mechanical engineering sophomore and I recently learned my parent can only contribute about 5% of my college finances. What is an affordable, realistic amount I can take out in student loans so I don't drown in student debt? For more information, I live in New Jersey and my dream job would be located in the New York City area. Thanks. #debt #student-debt #scared #money #loans #financial-aid #engineer #engineering #mechanical-engineering


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Luke’s Answer

When I came out of college I did a detailed budget and that answered my questions. If you're not in college yet you'll have to get an estimate of your monthly payments upon graduation. Most people I know were around $350/mo, about the cost of an entry-level car. Avoid grad school and avoid income-based repayment and other relief programs. They don't help people, they trap them in debt.

You seem to have ruled it out but the bigger variable is really your expenses rather than your income. I'd strongly suggest starting your career elsewhere than moving to NYC. I don't know about you, but it sounds a lot more fun to be the 30-year-old in NYC, making the salary of someone w/ 5-10 yrs experience and being debt-free than being the fresh out of college, 0-3yr exp, person with large monthly payments.

As Dave Ramsey always says, living in California or NYC isn't an excuse to not do math. Just because the cost of living is extreme, doesn't mean you can expect to have the same quality of life you would elsewhere and run up big debt.

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Dennis’s Answer

Joi - Mechanical Engineering salaries can be as much as 100K depending on where and what employer - Work with a Bank with these numbers they should be able to estimate what a monthly loan would look like for you in the near future.

Good Luck!

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Douglas’s Answer

A starting salary for a mechanical engineer , 4 years from now and depending upon a lot of variables), could be in the range of $ 60K to $ 80K. Using those numbers, and depending upon how much you can contribute to your education, your school financial aid office should be able to help you arrive at a figure of how much you can borrow..


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