<prompt> Human: I am starting my first semester of college in the fall as a full time student. I have never been through college and I am confused. Should I get a student loan to pay for bills and schooling? Is it possible to pay off a loan? How much will I have to give per paycheck to pay off a student loan and keep the bank off my back? Thank you for your help  <response>: 1 You should only use federal student loans, that you apply to via the FAFSA - 2 Loans should be somewhat of a last resort, not a first resort. Apply for scholarships and consider a part-time job. The FAFSA is also the application for federal grants3 The general rule of thumb is to take no more in loans than you would expect to earn in 1 year after graduating. For most majors this is 35k or so. This will allow you to pay it back in 10 years with 10 of your income. But less is always betterHow much youll need to pay every month will depend on how much you take out, and what repayment plan you have. Federal loans have an income-based repayment plan that allows you to limit your payments to no more than 10 of your discretionary income Income minus 150 of the federal poverty level. BUT, this can stretch the term to as long as 20 years, which can cut into your ability to save for retirement, buy a house, etc. And youll pay a lot in interest. You really dont want to still be paying student loans in your 40s. The standard repayment plan is a 10-year term. You can easily calculate the payments using The current interest rate is 4.29. 