According to Minyard, the average yearly tuition at a four-year university will cost students about $10,000. When living expenses are added in, however, that number can double. The biggest mistake of students who take out loans is that they use that money to pay for their food and housing. Any money borrowed in student loans should go to pay for education, says Minyard.
Before taking out any amount in student loans, borrowers should crunch some numbers to figure out how much they'll have to pay on those loans each month when they get a job. For a $25,000 student loan, recent grads will have to pay about $300 per month once they start working; for a $50,000 loan, that payment will be $600 per month. That's a lot of money for a recent graduate who is likely only earning an entry-level salary! As a general rule, Minyard advises students to plan on spending only 5 percent of their yearly net income on student loan payments.
According to Minyard, any student thinking about taking out student loans must take the time beforehand to figure out how much loan debt they think they will be able to afford after graduation. For more information about the dangers of student loans and useful advice on how much debt is too much, visit Minyard & Co.'s website (http://www.minyardcpa.com/
About Minyard & Co., P.C.
Minyard & Co., P.C., offers CPA services in Phoenix with a focus on meeting clients' specific needs and helping them achieve success in competitive and evolving markets. Some of the firm's most popular services include accounting, tax, payroll, and consulting services; company structuring, organizing, funding, and PCAOB SEC qualified auditing; and tax planning, risk mitigation services, and growth control. The certified public accountants at Minyard & Co. pride themselves on providing continuous communication and personalized support for their clients, offering clients the advice and assistance they need. Minyard & Co. houses leading public accountants with years of experience, who can provide you or your company with the best accounting services available. Visit http://www.minyardcpa.com to learn more about the firm's services.