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Planning ahead is essential to managing debt. If you plan to borrow each year you are in school, estimate the total amount you will borrow. Then use a sample loan repayment estimator to estimate how much you will have to pay each month. Then decide how much to borrow, you can use the criteria lenders use when they consider an applicant’s ability to repay.

The total monthly payment for all debts should not exceed 8% of your gross monthly salary.