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 "receive 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 information is provided 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 2008 Average Loans Borrowed National Median Salary Law $  95,641 $  86,396* Dental $174,043 $180,000**

*National average of annual starting salaries paid to graduates from the Class of 2007. Source: National Association for Law Placement, Class of 2007Employment Report and Salary Survey.

**2005 Median income for Independent General Dental Practitioners less than five years after graduation. Source: ADA, 2006 Survey of Dental Graduates.

Repayment Scenarios

The interest information below is general. Important factors such as capitalization, forbearance and deferment have not been included. Our purpose is to help you become 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 $95,641:

• 8 percent for 10 years would be $1,160 per month. Total interest paid would be $43,559.
  
  
• 8 percent for 20 years would be $800 per month. Total interest paid would be $96,359.

Repayment on $174,043:

• 8 percent for 10 years would be $2,111 per month. Total interest paid would be $79,277.
  
  
• 8 percent for 20 years would be $1,455 per month. Total interest paid would be $175,157.