The 10-Point Pre-Borrowing Checklist
- Research starting salary for your specific major and career path: Not the average salary for the field — the median starting salary for your degree from your school type in your target geography. BLS.gov and Salary.com are your sources.
- Calculate total expected debt at graduation: Annual borrowing × expected years = total debt. Include the interest that will accrue during school.
- Calculate debt-to-income ratio: Total debt ÷ expected starting salary. Under 1× = manageable; above 1.5× = high risk.
- Run the monthly payment calculation: Use the student loan calculator with your total expected debt and expected starting salary. Ensure payment < 10% of expected monthly gross.
- Verify financial aid first: Maximize scholarships and grants before any loans. Apply to every scholarship you qualify for — even small ones add up.
- Understand subsidized vs. unsubsidized: Accept subsidized loans first (no interest during school). Minimize unsubsidized loans (interest accrues daily).
- Evaluate in-state vs. out-of-state cost: Out-of-state tuition often adds $10,000–20,000/year. Run the lifetime debt comparison between your in-state and out-of-state options.
- Research employer student loan programs in your career field: Many large employers offer $3,000–10,000/year in student loan repayment as a hiring benefit. These reduce effective borrowing cost.
- Check PSLF eligibility for your career path: Government and nonprofit careers may qualify for PSLF forgiveness after 10 years. This transforms the economics for high-debt/lower-income careers.
- Commit to keeping track: Log into StudentAid.gov from Day 1. Know your loan balances, interest rates, and servicer. Review annually throughout school.
The Salary Research Step: Most Important and Most Skipped
Salary benchmarks and safe debt levels by major
| Major | Median Starting Salary (2025) | Safe Debt Level (1×) | High Risk Level (1.5×+) |
|---|---|---|---|
| Computer Science | $88,000 | $88,000 | $132,000+ |
| Nursing (BSN) | $58,000 | $58,000 | $87,000+ |
| Accounting | $56,000 | $56,000 | $84,000+ |
| Psychology (BA) | $38,000 | $38,000 | $57,000+ |
| Education | $40,000 | $40,000 | $60,000+ |
| Social Work (BSW) | $42,000 | $42,000 | $63,000+ |
Run the Pre-Borrowing Calculation
Enter your expected total debt and starting salary — see your monthly payment and debt-to-income ratio before you borrow.