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Hi guys,
This may seem like a really unintelligent question, but I was confused regarding an aspect of paying back loans for medical school.
I was looking at the SallieMae Loan Repayment Calculator and some other repayment calculators I found on google.
My question is, when we are putting in our principle for these calculators, do they automatically take into account the interest we are accruing during the 4 years of school?
Or do we have to put in what our principle + accrued interest is.
Sorry if that doesnt make a lot of sense...another way to ask this would be to ask the following:
Say I taken out these loans all at the same interest rate for the sake of simplicity (say 8%):
Loan 1= 70,000 in Year 1
Loan 2= 70,000 in Year 2
Loan 3= 20,000 in Year 3
Loan 4 = 20,000 in Year 4
Loan 5 = 20,000 in Year 5
And these would obviously be collecting interest during these school years
So...would I enter in 200,000 as my Loan Balance in these calculators or would I enter in 200,000 + whatever interest would be collected in order to figure out my regular repayment?
Thanks
This may seem like a really unintelligent question, but I was confused regarding an aspect of paying back loans for medical school.
I was looking at the SallieMae Loan Repayment Calculator and some other repayment calculators I found on google.
My question is, when we are putting in our principle for these calculators, do they automatically take into account the interest we are accruing during the 4 years of school?
Or do we have to put in what our principle + accrued interest is.
Sorry if that doesnt make a lot of sense...another way to ask this would be to ask the following:
Say I taken out these loans all at the same interest rate for the sake of simplicity (say 8%):
Loan 1= 70,000 in Year 1
Loan 2= 70,000 in Year 2
Loan 3= 20,000 in Year 3
Loan 4 = 20,000 in Year 4
Loan 5 = 20,000 in Year 5
And these would obviously be collecting interest during these school years
So...would I enter in 200,000 as my Loan Balance in these calculators or would I enter in 200,000 + whatever interest would be collected in order to figure out my regular repayment?
Thanks
