Let's say I got a student loan to cover my college tuition and it costs about $1,200 per year. If I graduate in 4 years, how long will it take me to pay off my loan? Or in other words, how much would I have to pay off per month upon graduation? How does this work?
2007-12-03 01:15:30 · 3 answers · asked by Confuzzled 2 in Education & Reference ➔ Financial Aid
a general estimate is all I'm asking for
2007-12-03 01:19:00 · update #1
student loans are usually set up on a 10 year payment plan. The minimum payments are 50.00, but if you borrow more than 5000 then it would be about 10%. So if you borrow 8,000 over the course of your college education, your payment would be 80 dollars a month. 20,000 in loans would be about 200 dollars a month.
Good Luck.
2007-12-03 14:20:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-10-24 02:24:07 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Your first payment is usually due months after graduation which gives you time to find a job. The payments are set up to be paid back over 10 years. The payments will reflect the interest rate of your loan.
2007-12-03 01:23:48 · answer #3 · answered by Diane M 7 · 0⤊ 1⤋