The Wall Street Journal published an unsettling article about Dr. Michelle Bisutti’s staggering $555,000 in student loan debt. While the initial loan amount was about $250,000 for medical school, her total amount due has skyrocketed due to her deferring her loans to finish her residency and defaulting on some of her payments. While this may not happen to someone who just takes out a student loan for an undergraduate degree, it is a good reminder to “read the fine print” of all of your loan documents.
A good way to determine future college cost and possible student loan amounts is to use an on-line calculator. NYTimes.com has a great college cost calculator that can help determine the future expense of a college degree.
Loan debt and tuition increases all play a huge factor in determining the value of a college degree. Since there is so much money on the line, it is more important now than ever to make the right decision during your college search process. Let us know if we can help!