<p>or Chase every year as loans with a cosigner?</p>
<p>The loans are easy to get because these banks are bloodthirsty when it comes to putting you in debt. </p>
<p>It’s hard to get a good interest rate though.</p>
<p>How much do you guys think I would be paying monthly in the future if I get a loan for this much amount?</p>
<p>[FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid)
this is to replay 17K over 10 years at 8%.<br>
[Student</a> Loan Calculator - Calculate Your Student Loan Repayments](<a href=“http://apps.collegeboard.com/fincalc/sla.jsp]Student”>http://apps.collegeboard.com/fincalc/sla.jsp) is another good calculator. I would NOT recommend taking out this much in loans on top of other federal loans for only your first year of school. You don’t want to end up with monthly payments of $1000 month to get your degree. </p>
<p>Loan Balance: $17,000.00
Loan Interest Rate: 8.00%
Loan Fees: 0.00%
Loan Term: 10 years</p>
<p>Monthly Loan Payment: $206.26
Number of Payments: 120</p>
<p>Cumulative Payments: $24,750.63
Total Interest Paid: $7,750.63</p>
<p>Are you talking about $17K total or $17k a year for 4 years?</p>
<p>If you are talking about $17k a year for 4 years are you planning to pay the interest each year as you go along or deffer it until you finish school? If you deffer it it will be added to the loan and you will pay interest on the interest. At the end of 4 years the $68,000 you have borrowed will have grown, assuming an 8% interest rate, to @ $83,000.</p>
<p>To pay that off over 10 years would be $1007 a month every month for 10 years and require an annual salary of @ $120,000 to comfortably afford the payment. You would end up paying a total of @ $121,000 so @ $53,000 in interest.</p>
<p>If you paid it over 20 years you would have a monthly payment of @ $700 a month for 20 years and require an annual salary of @ $83,000 to comfortably afford the payment. You would end up paying a total of $167,000 so $99,000 interest on your original loan of $68,000.</p>
<p>swimcatsom, Bless you for doing the math. It seems that we continually point out to students that this kind of debt is unwise but I have never done all the math.
As I have posted before, I have employees who are struggling to pay their student loans. To take on 17K per year or a total of 68K for an undergraduate degree is not a wise course of action. Hopefully your calculations will help students realize this.</p>
<p>Yeah, but it’s not like I’ll be paying back the money all by myself. My parents are going to be helping out a lot.</p>
<p>Are private loans from Citibank, etc easy to get - even with OK or unestablished credit and no co-signer (in my 30s and looking to go back to school)? I’d be willing to take on the debt, even at a higher rate, to make my dreams come true.
Despite the dangers of loan debt (I agree, they are there), don’t forget for the motivated student it is well worth it to take on the long-term debt in return for making one’s dream-life come true and adding 1- 1.5 million to your earned income over your lifespan (no college degree vs college degree lifetime income-earning differential).</p>