Think quick: How much loan money would you be responsible for paying if you graduated today?
Don't know? Don't worry; you're not alone. It's not uncommon for students to put loans out of mind until repayment. Even those who do know that they'll owe X amount once they graduate usually don't know what that means.
But since I've got you thinking about it, I challenge you to stray from the norm of being oblivious of your student loan obligations until repayment begins.
Here's a new way of thinking about borrowing: for the loans you already have (or those you are about to take out): Estimate how much your monthly obligation will be for that debt. Use a repayment calculator like these ones for Federal Stafford loans and private loans. Then, keep a running tab of what your total student loan debt will require each month.
I'll give you an example. Say I have $12,000 in Federal Stafford loans at a fixed rate of 6.8% and $10,000 in private loans at a variable rate of 7%, each with a 10-year repayment period. Using the calculators I find out that each month I'll be required to make minimum payments of $138 and $116.11, respectively. So once I graduate, I know that I'll have to budget at least $254.11 of my monthly income to my student loans.
Of course, since my private loan rate is variable, this amount could fluctuate.
By taking an approach like this, you'll know exactly what you're on the line for, and how much additional debt you'll be able to take on without feeling stretched each month. Ideally, your monthly student loan payments should not exceed 10-15% of your monthly income 
.
So in my above example, if my projected monthly pay will be $2,000, it may be a better decision to work more hours at a part-time job to help pay for my education so I can borrow less in the future.
You tell me: Is it easier to understand your student loan debt when think of it in monthly payments?
Yes, definetely. I've got the Federal Stafford at $5500 and will be getting another private loan that I believe will amount to no more than $4500. I still have to double check and find the exact amount for the year and costs, but ideally, I don't plan on taking out more than that. I've been thinking about how much I'll have to pay in the next two and a half years, which gives me a better idea of how much money i need to come in, in a month to survive, pay off my loans AND at least try and have a good time. I'm going for a 5 year repayment, BUT i think it might end up being about 7 or 8 years. All I know is, I'm going to do anything and everything I can to pay more than the amount required each month, just so that interest doesn't creep up and I won't have something like the loans hanging over my head.
yup. Thanks, this website is very helpful and encouraging. It helps to feel educated in these things when most loan companies/banks are lying and trying to rob you...