1) If I have 61,500 in federal loans after graduation and set up a payment plan for 10 years, how much would my monthly payment be?2) If I have 61,500 in federal loans, and 60,000 in GradPlus loans after graduation, and set up a payment plan for 10 years, how much would my monthly total payment plan be?Hopefully someone is bored enough to compute this for me! Thanks!
Quote from: Pink Cosmo on April 15, 2008, 12:38:44 PM1) If I have 61,500 in federal loans after graduation and set up a payment plan for 10 years, how much would my monthly payment be?2) If I have 61,500 in federal loans, and 60,000 in GradPlus loans after graduation, and set up a payment plan for 10 years, how much would my monthly total payment plan be?Hopefully someone is bored enough to compute this for me! Thanks!Monthy payment for federal loans would be $707.74; GradPlus $743.91 (higher interest rate, that's why monthy payment is higher); for a total of $1451.65 a month
Don't think changing your avatar will make you safe. I'll eat baby lobsters. I'm not above that.
Don't worry about it...I happen to LOOOOVE Math (yes, I'm being serious). There's a loan calculator that I happen to love http://www.tcalc.com/tvwww.dll?CalcLoan?Cstm=accountingweb.&tmplt=numpayments.htm&SlvFr=3 It shows what your remaning balance would be after each payment.So I did some more number crunching...this is my post law school plan:Live like a college student for one year after LS using just $1000/month to cover all my expenses (which isn't hard in St. Louis where I'll be at), pay the minimum payment on the federal loans (using your example, $800/month) and apply the rest to the GradPlus...lets say $2200/month. Then after that go back to paying $800/month for each loan ($1600 total...I rounded up on your example)....the GradPlus loan will be paid off after 5 years 11 months and the federal in 7 years 1 month (because after the GradPlus is paid off you can apply all the $1600/mouth to it)In conclusion:1 year of cheap living = 3 years off your loanNot bad if you ask me (and lets be honest, is it really going to kill us to live like a college student for one more year)***this is all assuming you'll only be making $70,000/year. If you make more, you can apply more that first year and maybe get everything paid off in 5.5 or 6 years***
I have similar plans when it comes to post LS living. I don't think, however, that $1000/month is realistic. Aside from all the up front expenses, ranging from suits to bar prep materials and possible relocation, you may be expected to participate in some pricy hobbies/regular bar visits/etc. Even after factoring that in, you're still not making headweight on retirement funds (if you love math I don't need to tell you about the importance of saving early) and probably won't have insurance. Not trying to burst your bubble, just doing you a favor, since you have new stuff to calculate now.
Quote from: Matthies on April 15, 2008, 05:03:58 PMThat guy rocks, he's the Yo Yo Ma of *Colombian* accordion playerscorrection ^^^His instructor in New Jersey is also just as good though just not as famous.*still can't believe we drive down to NJ for accordion lessons lol*
That guy rocks, he's the Yo Yo Ma of *Colombian* accordion players