Phd Loan Advice

[meka1984]

I am about to pursue my doctorate education in business and accounting. I have only 15K in loans for my Bachelor's and Master's and that amount is the total for both degrees. Honestly, I think that pretty conservative.

I am about to go to school and the Phd is going to cost me about 70K in loans. My plan is too teach part-time to pay the loans off after graduation (about 14-20K per year)  while still working a full-time job. Although, that is my plan, my husband and I want a house; however, how would this greatly effect us obtaining a mortgage with such a high debt.

Please let me know your thoughts. I would really like to hear from those who have taken out "big" loans for school.

[Jazzzy]

I took out loans for graduate school to become a Family Nurse Practitioner. I followed the rule of thumb that I didn't want to borrow any more than my first year's salary would be. I had a bit over 60k in debt when I finished. I made much more than that my first year, so now the amount doesn't seem as intimidating as it did the day I graduated. I graduated a couple of months before turning 60...and the debt was worth every penny. You are never too old to follow your dream...and, if you are young, you have a lot of years to reap the benefit of your school loans.

I am fortunate in my field, however, that some of it may eventually be forgiven or paid by the federal government if I practice in an underserved area...and that's not tough to find around here.

My advice is to go for it if it is your dream. It truly is an investment.