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Is this a good rule of thumb for student debt?

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I've heard many times that generally a student's debt should not surpass the starting salary of their job. Is this a good rule to follow? I don't think $30k or even $50k is too much debt if the student is smart and lives frugally. I understand there are kids who go out and buy beamers when they get a job, but if you know how to save money its not that hard is it? Let's say a starting salary is about $50k and you have $50k in debt, the monthly payment would be about $500-600 which doesn't seem too bad. Am I being too optimistic or does this seem reasonable?

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