Every year about this time, I get a rush of mail from newly minted graduates wanting to know how to repay their college debt. This is also the time of year I'm given the opportunity to speak on college campuses on the subject, mostly to students who rather would talk about anything else than their plans for repaying that debt.

And every year, I wonder why these questions don't come up at the beginning of the college experience, rather than at the end when options have narrowed considerably.

Here's the first rule of student loans: Do anything and everything you can to avoid them. Grants, scholarships, work-study programs, even opting for a cheaper community college for the first two years -- these are all payment methods that require no payback.

Still, and I hate to admit it, really, there's no way that federally guaranteed student loans are going away. Without them, very few would be able to attend college. Which brings me to the second rule: Borrow the least you can get away with, not the most for which you might qualify.

And how much, you ask, would that be? Each situation is different. However you, the student, can figure out an amount of student debt that is reasonable for you and above which would be a terrible mistake.

To figure out this amount for yourself (or your student), start with the Student Loan Advisor for Undergraduate Students calculator at FinAid.com. The amount you can reasonably go into debt for your education is measured by the annual salary you can expect upon graduation, provided you go into the field of study you choose. (Remarkably, the majority of graduates do not enter the work force in their fields of study.)

The third rule of thumb: Your total student debt for your entire college career (not just the first year) should not exceed your first year's annual salary once you enter the work force, including interest. The payments on said debt also should not exceed 15 percent of your income.

Here's an example: Let's say you use the FinAid calculator and discover that as a teacher, you can expect a starting salary of $33,100. To limit your payment to 15 percent of your intended income, you can reasonably borrow about $33,733 at 8.25 percent interest on a 10-year repayment schedule with $413.75 monthly payments. Spread over four years, you could borrow up to $8,433 per year.

And my last rule of thumb: Do not even think about borrowing money for your education if you have not gone first to this calculator or some other reliable advisor to address just how you will repay the debt once you leave school.

The years will pass more quickly than you can imagine. The last thing you want is a debt load so heavy that life becomes more difficult, not improved, because you got an education.

Mary Hunt is the founder of DebtProofLiving.com and author of 17 books, including "Debt-Proof Living." You can e-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. To find out more about Mary Hunt and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.
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