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Author Topic: Loan Repayment Breakdown  (Read 1583 times)

CoxlessPair

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Loan Repayment Breakdown
« on: November 15, 2006, 09:46:58 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-
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John Galt

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Re: Loan Repayment Breakdown
« Reply #1 on: November 17, 2006, 12:45:11 AM »
Depends on how long the repayment terms, 15-20-30 years. Maybe like 550 a month for 30 years, but that is just a guess and I don't even know how I got it.

135K is probably still that significantly better, even without the perks. Also, you prob get a bonus at the big firm and your salary probably goes up faster too.

Big firms tend to give big perks too, like PDA'a, computers, low interest home loans, bar prep $, moving and relocation expenses, 401(k) match, gym membership, catered events, and insurance probably isn't that bad. 

That being said JAG has a lot of nonmonetary benefits, those are probably the things you need to look at b/c the money situation is a one sided debate.

evergreatful

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Re: Loan Repayment Breakdown
« Reply #2 on: November 17, 2006, 11:18:05 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.

PSUDSL08

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Re: Loan Repayment Breakdown
« Reply #3 on: November 17, 2006, 11:24:45 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"

CoxlessPair

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Re: Loan Repayment Breakdown
« Reply #4 on: November 17, 2006, 02:22:50 PM »
Great information!

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