For most families, paying for college often involves utilizing many sources, including student loans. But it’s important to be careful to not take on too much debt. How much should you borrow for college? The right amount to borrow is determined by how much you need to support your education without limiting your future. While there’s no one-size-fits-all answer, it’s helpful to have some parameters. I’ve outlined a few below.
Estimate Your Starting Salary
One helpful guideline in determining how much you should borrow over your 4–5 years of college is to try not to borrow more, in total, than you expect to earn in your first year after graduation. This rule-of-thumb can help keep your total debt aligned with what you can realistically expect to repay. So, for example, if you’re thinking you might want to work as a legal assistant in your first year after school, use a tool like MEFA Pathway to determine the current salary for a legal assistant. It’s just over $48,000 as of Spring 2026, so your goal would be to limit your total undergraduate borrowing to that amount.
Calculate Your Monthly Payment
It can be tempting to borrow up to the maximum amount allowed, but it’s critical to remember that every dollar borrowed will need to be repaid with interest. Use an online calculator to estimate the monthly payment for the loan amount you’re considering for all 4-5 years of college. That number will take into account the interest you’ll need to repay, and it might be shocking. But it can help you determine if you’re planning to borrow too much.
Only Borrow What Other Options Won’t Cover
Before you borrow, make sure you’ve taken advantage of all your other options to pay the bill.
- Did you apply for financial aid?
- Have you explored private scholarships?
- Do you have college savings set aside you could use?
- Can your family utilize a payment plan to cover part of the cost over time?
The Bottom Line
Borrowing for college isn’t inherently a bad thing, but it should be done with intention. Start with federal student loan options, then carefully evaluate any additional borrowing. Be sure to borrow only what you truly need. MEFA’s tools and one-on-one guidance can help you estimate costs, compare options, and build a plan that works for you and your family. Remember: a well thought-out borrowing plan doesn’t just help you pay for college, it helps protect your financial future.
