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Debt Management
The Office of Student Financial Aid is committed to advising
students to borrow wisely so that defaults are kept to a minimum.
Default impairs the borrower's credit worthiness and the university's
access to low-cost loan funds.
We recommend that borrowing be limited to essential educational
expenses. Since loans are a "buy now pay later" form of aid, it
is easy to overlook how much repayment will cost. Accurately projecting
your earning potential and total repayment obligation is an essential
component of wise debt management. To assist you in making this
projection, we provide the following information on average borrowing
and starting salaries Marquette law and dental students can expect
upon graduation. Graduate students' loan and salary information
is not included since the variance between programs is so great.
| Class of 2007 |
Average Loans Borrowed |
National Median Salary |
Law |
$ 88,202 |
$ 62,000* |
Dental |
$180,527 |
$163,000** |
|
| *National average of annual starting salaries paid to graduates
from the Class of 2006. Source: National Association for Law
Placement, Class of 2006 Employment Report and Salary
Survey. |
| **2005 Median income for Independent General Dental Practitioners less than five years after graduation.
Source: ADA, 2005 Survey of Dental Graduates. |
Repayment Scenarios
The interest information below is general. Important factors
such as capitalization, forbearances and deferments have not
been included. Our purpose here is to make you aware of the need
to plan carefully in view of the costs associated with student
loans. For detailed information and debt management counseling, contact
the Office of Student Financial Aid.
Repayment on $88,202:
- 8 percent for 10 years would be $1,076 per month. Total interest
paid would be $40,413.
- 8 percent for 20 years would be $742 per month. Total interest
paid would be $89,270.
Repayment on $180,527:
- 8 percent for 10 years would be $2,190 per month. Total interest
paid would be $82,248.
- 8 percent for 20 years would be $1,509 per month. Total interest
paid would be $181,682.
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