It depends on how much you make afterwards. ; -) Expect 10-12% (according to bankrate.com) on private loans and (according to bankrate.com - sorry I've never taken out a student loan so I can't help you here) Stafford loans are 6.8% but I believe they only cover 2 or 3 thousand USD hence the need for private loans. Then you consolidate all loans upon graduation (which evidently is capped at 8.25%) and let's just say (I didn't look up fees, but am guessing) UF costs 25k per annum for all expenses. So then you have 100k in debt, you'll pay ~1200 per month to pay it off in ten years. 30 years = ~800. I feel like the maths is fuzzy, probably because I am doing it my head, have had no sleep in weeks, and don't know the actual numbers for the eqn.
^is the above statement true?
Someone was throwing around a lot of numbers and little sense as far as I can tell. lol
Stafford loans are automatically scheduled to be repaid over 10 year period (Standard Repayment), although depending on the amount you have borrowed you may qualify for extended repayment. The required borrowing limit is $30k in Stafford loans to qualify for Extended Repayment.
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Roughly yes I don't feel like doing the math but if u do borrow 25k per annum yes. IT will be more like 140k when u pay it off! U have to take into account interest! Don't take out that many loans unless u are in the healthcare field because it will be hard to make that payment on a low salary of 40k. That is what most people start at when they get out of undergraduate.
If u make 40k a year u will take home 2433$ a month if u have 1200 a month in student loans u will be living the same as if u got out of HS and worked for minimum wage! However in the long run u will have more opportunity for advancement. Go to a community college if u have to or a less expensive school NO SCHOOL IS WORK 100K IN DEBT! Maybe an Ivy league but UF is most certainly not! U will
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