Law School Discussion

Loan Repayment Breakdown

Loan Repayment Breakdown
« on: November 15, 2006, 07:46:58 PM »
This might be a basic question but my liberal arts education has left me fiscal moron so I'll ask it anyway.

I'm trying to figure out, ballpark, what my monthly repayment for LS loans will be. If I was dealing with about *K in debt, with the usual combination of subsidized/unsubsidized/private (we'll figure like 7.5% interest), can anyone throw out some numbers for me?


Also, I'm throwing around JAG for a career option. I'd be banking about 38K of taxable income and another 20 or so untaxed (BAH, etc). Throw in cheaper groceries, free medical/dental, etc.
Is there a general figure as to what this 58K translates to in "real world" money?
As I wrestle with the BigLaw v. JAG question, I'm trying to figure out if the 135K taxed at like 34% (maybe more?) is all that much better when you figure JAG's tax exemption, health care perks, lower overall cost of living, etc.



Thanks in advance,
2-

Re: Loan Repayment Breakdown
« Reply #1 on: November 17, 2006, 09:18:05 AM »
Using the payment function on Excel you get the following numbers for 90k debt at 7.5% APR

10 year amortization = $1068.32 per month
Total payout = $128,198.40

20 year amortization = $725.03 per month
Total payout = $174,008.13

30 year amortization = $629.29 per month
Total payout = $226,545.50

Hope that helps.

Re: Loan Repayment Breakdown
« Reply #2 on: November 17, 2006, 09:24:45 AM »
Using the payment function on Excel you get the following numbers for 90k debt at 7.5% APR

10 year amortization = $1068.32 per month
Total payout = $128,198.40

20 year amortization = $725.03 per month
Total payout = $174,008.13

30 year amortization = $629.29 per month
Total payout = $226,545.50

Hope that helps.

And by "hope that helps" you mean "hope you don't want to kill yourself b/c of the debt you'll have to pay off after school"

Re: Loan Repayment Breakdown
« Reply #3 on: November 17, 2006, 12:22:50 PM »
Great information!

Thanks a lot, really helps in sorting this out in my head.