Total student loans in default are over $76 billion. According to the NYT this figure is larger than the total tuition and fees for all students registered at public 2 and 4 year colleges in the nation. This figure represents 1 /6 of the total number of loans outstanding. Do not compound this tragedy by taking out loans without thinking carefully about all possible consequences. These are loans that will haunt you for the rest of your life if you allow them to overwhelm you. Remember the golden rule: Never allow your borrowings to exceed the total expected earnings from your first year in the labour force. If you expect to graduate in 2013 and work at a job whose wages are approximately $40,000 a year then the sum total of your borrowings, from all sources; must not exceed $40,000. If you violate these guidelines then you do so at your peril. Do not become a statisti.
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