How much unsubsidized loan to borrow?

[coffee4drug]

Originally I planned to take out $25000 unsub stafford loan every year for 4 years for my public pharmacy school, but after some estimation it seems i will owe about $1million after graduation!!! (Hopefully my calculation was wrong.)

Now, i decide to reduce the amount to $15000 per year. However, I am still worried because I don't know if I am borrowing too much or too little. Can anyone please tell me how much private or unsubsidized loans they are going to borrow a year. Any input is greatly appreciated!

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[WVUPharm2007]

Who the hell are you borrowing from? Slick Don the loan shark?

 

[Shovingit]

I know what you mean, I also borrowed from the Russian Mob...

and you thought YOUR interest rates were high...

when you have Boris and Igor roughing up your fathers girlfriend, THEN you'll understand...

 

[josh6718]

Who the hell are you borrowing from? Slick Don the loan shark?

Lol yeah, serisiosly if you are going to owe that much money you are getting a terrible deal.

 

[rxlynn]

Originally I planned to take out $25000 unsub stafford loan every year for 4 years for my public pharmacy school, but after some estimation it seems i will owe about $1million after graduation!!! (Hopefully my calculation was wrong.)

Now, i decide to reduce the amount to $15000 per year. However, I am still worried because I don't know if I am borrowing too much or too little. Can anyone please tell me how much private or unsubsidized loans they are going to borrow a year. Any input is greatly appreciated!

It depends - I think if you asked 10 different people that question you would get 10 different answers. You need enough to pay tuition and fees, buy your books, and cover your living expenses. Nobody can tell you how much that will be - you need to do some calculations and make a budget of how much it should cost you to live where you are going to school.

 

[Aznfarmerboi]

Originally I planned to take out $25000 unsub stafford loan every year for 4 years for my public pharmacy school, but after some estimation it seems i will owe about $1million after graduation!!! (Hopefully my calculation was wrong.)

Now, i decide to reduce the amount to $15000 per year. However, I am still worried because I don't know if I am borrowing too much or too little. Can anyone please tell me how much private or unsubsidized loans they are going to borrow a year. Any input is greatly appreciated!

I think based on the average rate, if you borrowing 25000k, you can expect to pay a little bit over 50k over 20 years. However the money that you borrow depends on your interest rate, if its fixed or not, and how long do you want the loan to be for. For 15k, expect to pay about 35k for a 20 year span.

 

[ZpackSux]

Originally I planned to take out $25000 unsub stafford loan every year for 4 years for my public pharmacy school, but after some estimation it seems i will owe about $1million after graduation!!! (Hopefully my calculation was wrong.)

Now, i decide to reduce the amount to $15000 per year. However, I am still worried because I don't know if I am borrowing too much or too little. Can anyone please tell me how much private or unsubsidized loans they are going to borrow a year. Any input is greatly appreciated!

Why bother asking. Just borrow as little as possible of unsubsidized loans that will get you through school.

 

[pharmwannebe2]

Originally I planned to take out $25000 unsub stafford loan every year for 4 years for my public pharmacy school, but after some estimation it seems i will owe about $1million after graduation!!! (Hopefully my calculation was wrong.)

Now, i decide to reduce the amount to $15000 per year. However, I am still worried because I don't know if I am borrowing too much or too little. Can anyone please tell me how much private or unsubsidized loans they are going to borrow a year. Any input is greatly appreciated!

1 million. that is rediculous. seriously. my loans won't even be that much when i graduate in six years from a public school.

 

[coffee4drug]

Hmmm.... Guess something is wrong with my calculation. When I used the loan repayment estimation on Collegeboard website, it seems that I just haved to pay about $1400 per month over a ten-year period if I borrow $20,000 unsubsidized staff loan for each school year. Nay, I was never good with financing anyway, but at least now I am much relieved.

 

[pharmwannebe2]

Hmmm.... Guess something is wrong with my calculation. When I used the loan repayment estimation on Collegeboard website, it seems that I just haved to pay about $1400 per month over a ten-year period if I borrow $20,000 unsubsidized staff loan for each school year. Nay, I was never good with financing anyway, but at least now I am much relieved.

haha i was about to say...that is too crazy. anyways don't listen to collegeboard. they lie about everything.

 

[rx blitz rx]

i agree. don't get sucked into the attitude that you can "be a balla" just yet. live like a bum for four more years and thank yourself later.

 

[damon]

The max Stafford loan you can get per year is $18,500 for graduate/professional school. So anything beyond that would have to be a private loan.

http://www.salliemae.com/get_student_loan/find_student_loan/grad/grad_student_loans/stafford/

 

[letjin]

www.bankrate.com has some useful finance calculators.