Accumulated Loan Debt Considerations

More students and parents rely on federal and private loans to meet educational costs.  Usually repayment is not an overriding issue when the student begins borrowing as early as his or her freshman year.  Repayment is a matter for future consideration!

When budgeting your educational costs, you need to determine what you expect to borrow and what you expect to earn upon graduation.  Your monthly loan repayment should not exeed 10 percent of your monthly salary. This would allow you to pay rent or a mortgage, and utility, automobile, insurance, food and clothing, and other monthly costs as well as the loan repayment amount.

How Much May a CCSU Graduate Expect to Earn Following Graduation?

The NACE Salary Survey publishes national average salaries offered for various academic majors and fields of study on a quarterly basis (Table 1).  The Connecticut Labor Market Information is compiled by the Office of Research and gathers salary data for all CCSU undergraduates and lists the average weekly salary combining all academic majors and fields of study but only on a yearly basis (Table 2).  The information provided should be used as a helpful guide when making financial planning decisions.  Consolidating student loans after graduation with a better interest rate, a repayment plan, and other repayment considerations are not reflected in these tables.

                  Table 1 - NACE Salary Survey - September 2011

            Table 2 - Connecticut Labor Market - Office of Research