going to law school in the fall, will be expecting to take out around $160K in student loans over 3 years (about 50K per year for this particular school) .... kinda makes me nervous!! just wondering what the payments will be like!? thanks!
2007-03-19 15:51:31 · 4 answers · asked by Randy McDaniel 2 in Education & Reference ➔ Higher Education (University +)
I'd say about $700-750 to $1000. My wife pays $425 or so a month for $100K. Interest rates have gone up a fraction I believe since we came out. So, 1.6 times $425 is under $700. I boosted it a little to account for the tiny fractional increase. That said, my wife has all gov't backed loans. No private loans. I have friends with some private loans, and the interest rates aren't as good so they pay more which is why I threw in that $1000 number.
This is all assuming you subsidize.
2007-03-19 16:53:34 · answer #1 · answered by Linkin 7 · 0⤊ 0⤋
Depends on your interest rate. I have roughly 50k in loans at 7% and my payments are around 450. You will probably get a better rate now but you can expect the payment to exceed a thousand bucks. Also remember, there all kinds of payment plans: graduated, accelerated, I'll-be-dead-before-there-paid plans. But if you want to be a lawyer, go for it...don't worry about the cash. You'll be printing the stuff later on.
2007-03-19 16:00:36 · answer #2 · answered by Beachbum 3 · 0⤊ 0⤋
Check out this link, you'll put in your numbers, it's a loan calculator:
http://www.finaid.org/calculators/loanpayments.phtml
PS, To pay it off in 10 years, 150K at 6.8% interest payments would be: $1,726.20
2007-03-19 16:02:05 · answer #3 · answered by Blah 3 · 0⤊ 0⤋
they will be hell, especially with the interest.
2007-03-19 15:58:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋