Student loans and debt after graduation are uncomfortable topics for a many students, both in college and high school, because of the uncertainty and guess work that goes into borrowing the right amount.
But Steve Talbott, a professor at Cleveland State University, has recently come out with an e-book aimed directly at answering the question: "how much money should I borrow?"
In his e-book, "How Much Should I Borrow For College?" Talbott uses government research about the current job market to determine how much a person can make within the first year of a specific job. These jobs are separated by applicable majors available for students to take in college, Talbott said.
By understanding the projected amount of money they can expect to make with a job from their intended major, students can use Talbott's special calculator to estimate how much money they can afford to borrow for college and pay off in a reasonable amount of time after graduation.
"It's not to say the government's projections are just in stone, but they are statistical projections of what's been happening in recent times," Talbott said.
Both students entering college who need an idea of how much to borrow as well as students trying to decide on a major might be interested in will find this book helpful, Talbott said.
"You can get an idea of what you want to do and what it can translate into," Talbott said. "Once you find out what you want to do, what kind of job you're interested in, you can find out what those jobs pay."
According to Talbott, this is the only book of its kind out right now. He hopes it will allow students to understand what their options are and be realistic with their money.
"I really hope this helps students get an idea of where they are going and sort of match their hopes and wishes against the reality — get a reality check," Talbott said.
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Mary Krasner, the mother of two Miami University students, would have liked to have had something like this when her children were starting school.
"I would buy something like that," Krasner said. "School is just so expensive now. You need to do a risk/reward analysis."
This book could be especially helpful for students who fear they will be will be paying off their students loans for years after they graduate. Junior Emily Sullivan, a strategic communications major, would like to know what she can expect to make in the jobs that her majors opens her up to.
"Going in, you don't really know what different majors are going to make," Sullivan said.
Talbott's book, "How Much Should I Borrow For College?" is available online at http://www.howmuchshouldiborrow.com and can be purchased either in full or individually by chapter.
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