Cheryl Winokur-Munk

speaker
1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Much Should You Borrow for College? · 8 Sep 2021 podcast
So you really have to weigh that all out, which is why budgeting is so important. voice-verified
In terms of how much a student loan payment should be in your overall budget, there's no definite number, but just between, say, 8% to 20%, depending on the other numbers. voice-verified
If you're living in a really high area where your rent is like this crazy amount, then you may have to budget a little less for student loan debt. voice-verified
You have to think about that. voice-verified
But between 8% to 20% of take-home pay, and that's after taxes, remember, can be safely allocated probably toward student loan payments. voice-verified
So there's a free tool developed by Educate to Career, which is a nonprofit that helps families in the college planning process. voice-verified
And it's actually a pretty cool tool. voice-verified
And it can help you kind of see how much you might be able to afford. voice-verified
And you can play around with a different number. voice-verified
So you can run simulations based on things like what your intended major is, where you want to go to school, or where you think you're going to go to school, where you think you're going to live after you graduate. voice-verified
how much your family plans to contribute from your savings, how much you might get in scholarship. voice-verified
There's a whole bunch of things that you can play around with and you don't have to do it just one time. voice-verified
You can try it as a biology major, you can try it as a teacher, you can try it as a whole bunch of different things and just see how the numbers come out. voice-verified
There's also the federal government's student loan simulator and this is actually a really great tool. voice-verified
to help you estimate the size of your monthly payments under different repayment options. voice-verified
So there's a standard repayment option, which is 10 years, and then there's something called income-driven repayment, which is based on your income and your household size. voice-verified
And the tool can help you determine how even taking on more debt voice-verified
can affect your total repayment obligation. voice-verified
And this is also really important to do. voice-verified
And you can run this for each school and just see how much, if at X school, you think you're going to need to take on Y amount of debt. voice-verified
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