how long do you think i will able to pay all this money back?
2007-03-10 11:04:51 · 4 answers · asked by CustomBentley 2 in Business & Finance ➔ Personal Finance
It depends on how much your interest rate is and how much you can afford to pay back each month. Go to this site right here and play around with the amortization calculator.
http://ray.met.fsu.edu/~bret/amortize.html
Example: Your principle is $100,000. Your interest rate is 4% (I have no idea how much interest student loans have). You will have 12 payments per year. For the total Regualar Payments put in the amount of the years you want to pay it back in times 12 (20 years * 12 = 240 payments)
If you use these facts it will take you the 20 years to pay it back and your monthly amount will be about $600.
You could also leave the total payments blank and put in the amount that you can afford to pay each month and it will tell you how long it will take to pay it back at that monthly payment rate. You better get a good paying job with that much debt.
2007-03-10 11:12:39 · answer #1 · answered by k_hart100 3 · 2⤊ 0⤋
After you begin gainful employment, you'll begin to determine how much you can comfortably pay back on a monthly basis. For some people this is around $150 month. There are circumstances, however, of when you can have the loan deferred until you're able to begin paying.
The trick is to always pay something each month and not get behind once a decision is made. However, to answer your question, it's up to you: depending on the amount you can be finished in 10 years or 20. I have a medical doctor friend who is still in the 80s after 12 years and 4 children, and another with an MBA who's looking at over 10 years.
I got a fellowship and worked, so I don't owe anything.
2007-03-10 19:14:15 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
You should be able to find work for at least $80,000 a year so you could pay it off over time or go to work for someone that will pay your student loans off for you. You might look at the VA or a tribal nation health care facility. Surely you can find someone that will pay it off for you if you look hard enough. Of course, they will probable make you sign a contract to work for a minimum amount of time.
2007-03-10 19:23:20 · answer #3 · answered by Randysaurus 3 · 0⤊ 0⤋
If you make 60k per year and put 1/3 of your income (20k) toward paying off the school, you will pay it off in about 6 years.
If you do less, it will take longer.
2007-03-10 19:15:52 · answer #4 · answered by aaronchall 3 · 0⤊ 0⤋