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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Student Loan Payments Question
If someone graduates from college with $100,000 in student loans, approximately what are the monthly payments and for how long?
TIA!
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Posted 10/25/12 3:42 PM  |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Student Loan Payments Question
It would depend on the interest rate they have and the length of the loan.
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| Posted 10/25/12 3:48 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Student Loan Payments Question
Posted by neener1211
It would depend on the interest rate they have and the length of the loan.
Do you know what the longest terms are? And are interest rates similar to mortgage rates? credit card rates? I have no knowledge of any of this, but just trying to get some info to guide someone contemplating a very expensive degree program
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| Posted 10/25/12 4:06 PM |
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BklynBabe12
LIF Adolescent
Member since 1/12 561 total posts
Name:
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Re: Student Loan Payments Question
If this helps, I have a 10 year plan paying $320 a month on a $30K loan.
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| Posted 10/25/12 4:08 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Student Loan Payments Question
Posted by chilltocam
Posted by neener1211
It would depend on the interest rate they have and the length of the loan.
Do you know what the longest terms are? And are interest rates similar to mortgage rates? credit card rates? I have no knowledge of any of this, but just trying to get some info to guide someone contemplating a very expensive degree program
When I was paying loans 10 yrs ago, I had rates between 3.5 and 8.5%.
Just googled and found this link
loans looks like 7.5% and anywhere from 10 to 25 years.
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| Posted 10/25/12 4:16 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Student Loan Payments Question
I graduated with 160k and my payments are 1100/month
All different rates and terms
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| Posted 10/25/12 4:48 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Student Loan Payments Question
Thanks - just wanted some idea to advise someone who thinks that student loan payments on loans of $100K - $150K will minimal and not a big deal 
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| Posted 10/25/12 4:53 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Student Loan Payments Question
My student loan was for about $48K. I have a 3.5% interest rate and I pay $253/month.
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| Posted 10/25/12 4:54 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Student Loan Payments Question
Posted by chilltocam
Thanks - just wanted some idea to advise someone who thinks that student loan payments on loans of $100K - $150K will minimal and not a big deal
My life would be completely different if we did not have student loans. Between my DH and mine we pay more to loans than our mortgage.
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| Posted 10/25/12 4:54 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Student Loan Payments Question
Posted by alli3131
Posted by chilltocam
Thanks - just wanted some idea to advise someone who thinks that student loan payments on loans of $100K - $150K will minimal and not a big deal
My life would be completely different if we did not have student loans. Between my DH and mine we pay more to loans than our mortgage.
I'm sure - I was lucky enough to not have to take out loans. But the numbers I hear people talk about are crazy!
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| Posted 10/25/12 4:58 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Student Loan Payments Question
With 100k in loans you will have a mix of public and private loans. If you go to finaid.org you can calculate monthly payment over the loan period to determine what the payments will be. For example, if you borrow $100,000 and have a 6.8% interest rate. Your monthly repayment will be 1150.80 for 120 months (10 years). If you chose to extend the payments over 30 years the monthly payment would be $651.93. Of course over the life of the loan you would pay much much more in interest for the extended loan term. HTH
eta for 150k over 30 years at 6.8% monthly payment would be 977.89. for 150k over 10 years at 6.8% monthly payment would be 1726.20.
Keep in mind private loan interest rates are MUCH higher than public loan interest rates, so the payment will most likely be higher than this amount.
Message edited 10/25/2012 5:13:45 PM.
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| Posted 10/25/12 5:06 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Student Loan Payments Question
Posted by LSP2005
With 100k in loans you will have a mix of public and private loans. If you go to finaid.org you can calculate monthly payment over the loan period to determine what the payments will be. For example, if you borrow $100,000 and have a 6.8% interest rate. Your monthly repayment will be 1150.80 for 120 months (10 years). If you chose to extend the payments over 30 years the monthly payment would be $651.93. Of course over the life of the loan you would pay much much more in interest for the extended loan term. HTH
eta for 150k over 30 years at 6.8% monthly payment would be 977.89. for 150k over 10 years at 6.8% monthly payment would be 1726.20.
Keep in mind private loan interest rates are MUCH higher than public loan interest rates, so the payment will most likely be higher than this amount.
Thanks!
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| Posted 10/25/12 5:24 PM |
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Jugglemom
LIF Adolescent
Member since 3/12 809 total posts
Name:
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Re: Student Loan Payments Question
When I graduated law school I ended up with almost 100k in loans. I consolidated and my interest rate is 2.9-3.3%. My monthly payment is $700. It is actually less now but I still pays the same amount to have it go to principal. It's really not that ,uh of a burden considering how much more I make because of it.
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| Posted 10/25/12 10:49 PM |
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edfilippi
LIF Adult
Member since 8/12 997 total posts
Name:
Erica
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Re: Student Loan Payments Question
I think its different for everyone but I have around 38,000 in loans that are a combination of 4 different loans and I pay $488 per month.
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| Posted 10/26/12 6:48 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: Student Loan Payments Question
Posted by alli3131
Posted by chilltocam
Thanks - just wanted some idea to advise someone who thinks that student loan payments on loans of $100K - $150K will minimal and not a big deal
My life would be completely different if we did not have student loans. Between my DH and mine we pay more to loans than our mortgage.
Same here. I was pretty stupid when I made my loan decisions - primarily because I was uninformed and had no real perception of what repayment would be like. I have about $148K in loans and have been paying over $1,000/month since 2005 with no real movement in the principal. When I think of what I could be doing with that money if I had it, it irritates me to no end.
My advice to anyone would be to only take out what you realistically need to finance your education and research every avenue for any scholarship or grant opportunities.
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| Posted 10/26/12 10:48 AM |
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