like if you take a total of 20,000 and you graduate what is monthly payments like? say the interest in 5 or 6 percent... would it be like a car payment!! yikes!!
2007-02-15 10:21:19 · 4 answers · asked by Anonymous in Education & Reference ➔ Higher Education (University +)
It's not as high as a car payment. THat's cuz they let you drag it out longer. I have over $30K. At that range, I'm allowed to spread it out over 20 years. I pay less than $200/mo.
A $30K car payment would be a lot higher, because car payments are usually over 4 or 5 years, not 20.
2007-02-15 10:43:08 · answer #1 · answered by Linkin 7 · 0⤊ 0⤋
The payback rate for educational loans is much longer than a car payment and much lower too. I have a 10,000 loan and I only pay $60 a month. You don't have to start paying back the loan until 6 months after you graduate and if you enter graduate school between that time, you don't have to pay it back until 6 months after you graduate a second time.
2007-02-15 11:47:34 · answer #2 · answered by Yo 3 · 0⤊ 0⤋
Try consolidating. That's what I did and my monthly payment is low.
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2007-02-15 10:25:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
About $50 per 5,000 per month or $ 200, is a good ESTIMATE.
2007-02-15 10:42:37 · answer #4 · answered by professorc 7 · 0⤊ 0⤋