Start by calculating an out-of-school budget. Include your estimated monthly education loan payments, taxes, and any other credit obligations, such as credit card payments. Then list your basic living expenses (transportation, food, utilities, insurance costs), personal living expenses (clothing, dependent care, household goods, and furnishings), and miscellaneous expenses (recreation, entertainment, and interview expenses).
Remember, housing does not become an obligation until you've signed a lease or obtained a mortgage. What you can afford to pay for housing and other living expenses will depend upon the resources you have remaining after meeting your other financial obligations. Consequently, you may find that you cannot afford to meet your lifestyle expectations while repaying your student loans. |
