Student Loans for Engineering Degrees

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SUMMARY

The discussion centers on the financial implications of student loans for engineering degrees, specifically addressing the responsibility of prospective students in evaluating their choices. A loan amounting to $64,000-$80,000 at a 7% interest rate over 10 years results in monthly payments between $740 and $930. The average starting salary for engineers is approximately $4,500 per month, leading to a loan repayment that constitutes 16-20% of gross income. The conversation emphasizes personal accountability in financial decisions regarding education.

PREREQUISITES
  • Understanding of loan calculations and interest rates
  • Familiarity with average salary benchmarks for engineering graduates
  • Knowledge of personal finance and budgeting
  • Awareness of the engineering profession and its demands
NEXT STEPS
  • Research student loan repayment strategies and options
  • Explore average salary data for various engineering disciplines
  • Learn about budgeting techniques for managing student debt
  • Investigate the long-term financial impact of student loans on career choices
USEFUL FOR

Prospective engineering students, financial advisors, and anyone evaluating the cost-benefit analysis of student loans in higher education.

whypickthree
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With all due respect, I think you need to consider whether engineering is for you or not.

Whether a loan is "average" is utterly irrelevant. What matters is your value on the education and your own ability to pay. Not other people's. It doesn't matter if the average bridge span is 200 feet if you have a 400 foot river to cross.

A loan of $64k-80k at 7% for 10 years works out to monthly payment of $740-930. This is simple to calculate (and again, asking other people to do a simple calculation for you is not the hallmark of a successful engineer) The average starting salary for an engineer is about $4500 a month (asking other people to look up a fact for you is not the hallmark of a successful engineer). It's your decision as to whether 16-20% of your gross salary to pay off loans is a good or bad bargain.

As for "enslaved", spare me. Nobody is forcing you to take out a loan. Nobody is forcing you not to. Be an adult and take some responsibility for your decisions instead of kvetching about "enslavement".
 

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