Wow, thanks! That is good perpective for me. I'm now terrified!I actually had meant only $20.5k (had old stafford cap in mind) in loans 1L (w. approx $40k savings) - but that still looks like a pretty formidable $150k plus at graduation. Hopefully I'll get a good 1L summer job!NYU is $15 cheaper (symbolic anyone?)... financed over 3 years, carry the two... I could buy a scarf!
Quote from: dcforlife on February 24, 2007, 05:43:34 PMI definitely have way too many Excel spreadsheets to help me figure out how not to go bankrupt over the next few years.damn. i just try not to spend more than I make... am I doing it wrong?
I definitely have way too many Excel spreadsheets to help me figure out how not to go bankrupt over the next few years.
Eh, I had some free time. Here's what I calculated. I only did NYU since the budgets seems comparable (61485@NYU, 61500@CLS). Since the student budget is $22,000 more than max Stafford ($20.5K) plus your savings ($18.5K) I wasn't sure what you meant... so I decided you took the $22K extra as a PLUS.Assumptions:1) no financial aid grant money from them (you might get something)2) you take the entire student budget they let you (many people find ways to take less)3) a $1500 increase in the cost in the student budget per year (typical for tuition increases)4) "rent + the rest" = $1,000 a month, and this doesn't change through all 3 years (your rent will probably go up as will cost of services/groceries)5) you use the loans to pay "rent + the rest" during school6) 1L summer you make $3000 (enough to cover rent + the rest and nothing more - I'm sure you could make more)7) 2L summer you use the entire salary, after tax, minus $3,000 in rent, to pay down the PLUS loan (unlikely unless you're VERY good at self-control!) interest rates on loans do not change (6.8 stafford, 8.5 PLUS) nor does the maximum annual amount you can take in Stafford loans (you'll get your interest rates lowered by fractions at repayment, usually like 0.25%)NYU 1L $61485NYU 2L $62985NYU 3L $64485"0L":Savings: $18,500Stafford Sub: $0Stafford Unsub: $0PLUS: $01L:Savings: $0Stafford Sub: $8,500Stafford Unsub: $12,000PLUS: $22,5001L Summer:Earned: $3,000 after taxRent: $3,000no change2L:Stafford Sub: $8,500 old + $8,500 new = $17,000Stafford Unsub: $12,000 old + $816 interest + $12,000 new = $24,816PLUS: $22,500 old + $1,913 interest + $42,485 new = $66,8982L Summer:Earned: $20,000 after taxRent: $3,000Net: $17,000Pay down PLUS: $66,898 old - $17,000 BIGLAW = $49,8983L:Stafford Sub: $17,000 old + $8,500 new = $25,500Stafford Unsub: $24,816 old + $1,687 interest + $12,000 new = $38,503PLUS: $49,898 old + $5,686 interest + $43,985 new = $98,124Total:Stafford Sub: $25,500Stafford Unsub: $38,503 + $2,618 interest = $38,421PLUS: $98,124 + $8,341 interest = $106,465-----------------------So you'll graduate with $170,386 in combined loans at a weighted interest of 7.86%. According to this calculator, at 10 years that's a monthly payment of $2,055.57. At 30 years if you consolidate, that's a monthly payment of $1,234.83.