Total Members Voted: 122
Quote from: UFBoldAsLove on April 05, 2008, 11:41:28 AM$0-45K. Though if its 45K I plan to throw plenty of my SA money towards it.Scholarships or parents?
$0-45K. Though if its 45K I plan to throw plenty of my SA money towards it.
Quote from: penn263 on April 05, 2008, 03:35:44 PMQuote from: UFBoldAsLove on April 05, 2008, 11:41:28 AM$0-45K. Though if its 45K I plan to throw plenty of my SA money towards it.Scholarships or parents?Both.
Just a reminder: school debt provides some tax advantages, which can make the actual interest paid much less than the sticker percentage listed. For me, I'll likely have around $120k-130k in debt. $25k in low interest debt from ug, $57k stafford for ls, and $40-50k in grad plus. I figure a 30-year repayment of the ug debt and perhaps the same for the ls debt if I can consolidate them at a rate below 5%.
It's very unlikely that you will ever get your interest rates below 5% -- probably impossible. Your Stafford loans are set by Congress at 6.8%. The Grad Plus loans are set at 8.5%. I just don't see how you will ever get that under 5%. Plus, the tax advantage really aren't that great. You are capped at interest payments of $2,500 a year and the deduction is phased out once your income reaches certain thresholds -- and the thresholds are not that high, especially for married couples. BTW, have you run all of the figures on how much more you are paying in the long-run using a 30 yr repayment plan? It's stunning how much more in interest you will pay. Just some food for thought....
Looks like 80-100k depending on 2L summer.