We also only look at bachelor's degree earnings. However, it is a good baseline to consider when taking out loans. It is important to remember these are median earnings- meaning some graduates earn less and some earn more.

Anything more than that and you might find yourself struggling to pay for food and other necessities like rent. Since it is recommended that student loans make up 10% or less of your monthly salary, that is the max amount we recommend. To determine the max amount of loans you should take out, we assume a standard 10 year payback. If you don't select a college, we use the median earnings for the major, for students from all colleges. We take median graduate earnings for choice of college and major. We looked at over 3,200 schools and 255 majors. Our calculator is powered with data from The College Scorecard. Resources For College Grads To Find Jobs During The Coronavirus Pandemic.We created this calculator to help students determine the amount of loans they can afford to take out without crippling their future selves with debt.

But how much of that is marketing? And how much of that is the truth? Glossy college brochures feature smiling students wearing university sweatshirts and talk about future earnings and exciting job opportunities upon completion. However, depending upon where you go to college and what you choose to study, it might not. That monthly payment might be entirely doable. The average monthly loan payment is $393. The average borrower walks away with $31,172 in student loan debt.

The other thing increasing? The amount of student loans students take out to pay these rapidly growing tuition costs. The cost of tuition has increased by 17% in the past 5 years, according to The College Board.

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