<p>Direct Stafford Loan: 3500
Unsubsidized Loan: 2000
Direct PLUS loan: 16116</p>
<p>I actually don't understand how much I have to pay after I graduate. Let's say if I want to finish paying back WITHIN 5 years OR 10 years...</p>
<p>Is the above your loans for THIS year? If so, the total is $21616. These are loans. You will have to pay ALL of that back plus interest once that starts accumulating. If you take loans in this amount every year…your total will be over $80,000 in loans. Monthly payment for 10 years (which is the typical repayment period for the Staffords anyway) would be over $800 a month, maybe closer to $1000 a month for ten years.</p>
<p>Stafford loans are in the student’s name.</p>
<p>Plus loans are taken out by the parents…unless you are a grad student.</p>
<p>so approximately $1000 a month? including interest??? that’s EVERYTHING, right? (Stafford, unsubsdized, Plus)</p>
<p>It will probably be a little over $1000 as the unsub Stafford and the PLUS will be accruing interest for 4 years before you start paying them (assuming you are not paying the interest as you go).</p>
<p>$1000 a month every month for 10 years is a crushing amount of debt.</p>
<p>[Loan</a> Repayment Calculator - Budgeting Calculators - Common Resource Zone - Iowa College Access Network](<a href=“http://iowacollegeaccessnetwork.com/Calculators/Loan-Repayment-Calculator.aspx]Loan”>http://iowacollegeaccessnetwork.com/Calculators/Loan-Repayment-Calculator.aspx)</p>
<p>Try this website.</p>
<p>^wait the rate for Unsub and Stafford is 6.8 %? and the rate of PLUS is 8.5% (according to the offical website)? I got $63.29 and $ 199.82 per month?</p>
<p>PLUS is 8.5%
Unsub Stafford is 6.8%
Sub Stafford is 4.5%</p>
<p>The total per year is $21,616</p>
<p>SO the total for 4 years will be around $86,000 plus any interest on the PLUS and unsub that has built up after 4 years of college. The total accumulated debt with interest will probably be closer to $100,000 by the time you start paying.</p>
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<p>That total is $21616…not sure where you get the $18116 number…and that is for ONE year…this year. If you go to college for four years, your loan amounts will be AT LEAST four times that amount…well over $80,000 for four years.</p>
<p>This isn’t a college, it’s a loan sharking operation</p>
<p>Are you asking about repayment for one year’s worth of loans at $21,616 or for four years worth of loans at $21,616 per year for a total of $86,464 of borrowed money? If you are only asking about the repayment for the one year at $21,616, your statement is correct. If you are looking at four years worth of loans and their repayment - that amount will, indeed, be about $1,000 per month. (What is confusing me is that the direct Stafford loan amount limit is $3,500 per year.) Do you only need to borrow money for one year of school?</p>
<p>
The Stafford loan limit is $5500 for a freshman of which up to $3500 may be subsidized. So up to $3500 can be sub and another $2000 can be unsub (or it can be other combinations up to $5500).</p>
<p>shiny…what school is this? Let me guess…NYU…known for ridiculous packages.</p>
<p>Are your parents taking out the Parent Plus loan? Will they be paying that back? </p>
<p>Will your parents qualify to take out that much EACH year?</p>
<p>This is a terrible situation. Go elsewhere.</p>
<p>Yea it is NYU…
My parents are definitely willing to help me, but I don’t want them to pay back too much money for me of course, so I guess they may help me pay about $200-400 a month. It is NYU-CAS. I’m still waiting on USC’s FA package, by the way.</p>
<p>It is a horrendous amount of debt for undergrad. The PLUS loans will be in your parents name so they will ultimately be responsible for paying them, even if you plan to help pay them the loans will be theirs. Is this a burden of debt they can afford?
Such a huge debt will severely impact all your choices once you graduate. Please don’t get sucked into the dream school idea - the debt will make it a nighmare in the long run. Do you have any affordable alternatives? You will be far better in the long run choosing an affordable alternative that will enable you to have more options once you graduate that you will not have with this debt, such as a life, gradschool etc.</p>
<p>Everything that Swimcatsmom wrote is true, true, true.</p>
<p>The loans will be in your parents name…so if you can’t afford to write them checks every money (because you’ll have your own loans and stuff to pay for), they will be stuck with those loans.</p>
<p>Also…your parents may not even qualify to borrow those loans in later years… That happens all the time. Parents take out Plus loans for years 1 and 2 for the “dream school,” then then they can’t qualify for years 3 & 4… So, then the child has to go to some local school to finish his degree. The sad thing is that the degree isn’t from the dream school…but the debt sure is.</p>
<p>For more fun reading on how student debt can affect your life after college visit [Project</a> on Student Debt: Home](<a href=“http://projectonstudentdebt.org/]Project”>http://projectonstudentdebt.org/)</p>
<p>The kind of debt you are considering would be crippling. DO NOT go to that university! They have essentially given you an “admit-deny” decision: admit to the college, but deny for financial aid. Any institution that feels free to treat you in this way before you even arrive, is a place that doesn’t deserve your tuition dollars.</p>
<p>And by “your tuition dollars”, she means “a few decades of servitude”.</p>