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#### me333

##### -
« on: April 15, 2008, 09:38:44 AM »
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#### Shellby117

##### Re: Mathematically Challanged
« Reply #1 on: April 15, 2008, 10:54:04 AM »
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!

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

#### Lobstah!

• 373
• Lobster is murder.
##### Re: Mathematically Challanged
« Reply #2 on: April 15, 2008, 10:58:01 AM »
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!

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

Can't...breathe...need...air...

#### Shellby117

##### Re: Mathematically Challanged
« Reply #3 on: April 15, 2008, 11:34:29 AM »
Sorry...just redid some calculations and the federal loan monthy payment will actually be \$799/month because of the interest on the unsubsidized loans http://www.accessgroup.org/calculators/loan_repay.htm this calcuator helps with that. That plus the \$743.91 for the GradPlus makes the total monthly payment \$1542.91. Don't freak out though...\$1500/month is what someone who makes \$24,000/year takes home after taxes and health insurance (that's what a friend of mine makes). So even if you got a job on the low paying end (around \$70,000/year) you would still have 2/3 of your paycheck left (\$3000).

#### Shellby117

##### Re: Mathematically Challanged
« Reply #4 on: April 15, 2008, 12:10:35 PM »
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 loan
Not 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***

#### pulvillus

• 195
##### Re: Mathematically Challanged
« Reply #5 on: April 15, 2008, 12:56:31 PM »
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 loan
Not 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.

#### Shellby117

##### Re: Mathematically Challanged
« Reply #6 on: April 15, 2008, 01:47:57 PM »
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.

My dad (who's about to retire) reminds me of this ALLLLL the time  It's hard for me to calculate what other people's living expenses would be. For me, I live in St. Louis right now and I would say on average spend less than \$1000/month for rent, utilities, cable, internet, food, gas, cell phone, car insurance, alcohol (the month fluctuates depending on that). I'm going to school at night while I work full time, so I'll already have money saved for up front expenses and won't have as high of loans as the OP mentioned since I won't be taking any out for living expenses. I figure the amount that someone can pay that first year on "living like a college student" is going to be different depending on what city you are in...although I would imagine if you are in a city where the COL is higher (NY, DC, Chicago) than you will probably be making more than \$70,000. So you could mess with those numbers a little to fit your situation. I just plan on staying where I am for one extra year after LS (after 4 years there, one more won't hurt me) and putting everything towards my GradPlus then my Federal loans (minus rent, utilities, cable, internet, food, gas, cell phone, car insurance, alcohol, savings, shopping-on a budget, bar related activites)

#### Team Awesome

• 477
##### Re: Mathematically Challanged
« Reply #7 on: April 15, 2008, 02:18:31 PM »
That guy rocks, he's the Yo Yo Ma of *Colombian* accordion players

correction ^^^

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*

Crossing state lines for accordian lessons. That's love.

#### jags

##### Re: Mathematically Challanged
« Reply #8 on: April 15, 2008, 05:29:48 PM »
Isn't the interest paid in repayment tax deductible?  That might make a little difference.

#### Trivium

• 121
##### Re: Mathematically Challanged
« Reply #9 on: April 15, 2008, 05:46:36 PM »
that's insane. Im soooo close to not going to law school right now.