How should I expect to pay in loan payments?

[BetseyJohnson]

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sorry-the question should read, "How MUCH should I expect to pay in loan payments?" oops!

I haven't sat down and done the math, but I believe my pharmacy school loans come out to about $100k, which seems pretty typical.

What should I expect my loans payments to be, & for how long? Gracias!

 

[Doctor M]

sorry-the question should read, "How MUCH should I expect to pay in loan payments?" oops!

I haven't sat down and done the math, but I believe my pharmacy school loans come out to about $100k, which seems pretty typical.

What should I expect my loans payments to be, & for how long? Gracias!

assuming a 10 year loan, about $1000-$1100 per month and depending on what your interest rate is. When i finished school, i had 87k in school loans. had i not consolidated the loan, i would be paying 1k per month.

 

[BetseyJohnson]

Thanks! That's about what I figured! Will be very happy to get those paid one of these days!!

 

[Doctor M]

Thanks! That's about what I figured! Will be very happy to get those paid one of these days!!

Wish you the best! Whats the interest rate on your loans? Mine were 2.75%.

 

[dgroulx]

My payments are $500 for a 30 year plan on a little over $100k. My consolidated rate is 2.75% You also get to deduct the interest paid on your student loans.

 

[GamecockPharmD]

I owe $120,000 in student loans. Since I graduated in 2010, and the interest rates went up over the years, my average interest rate is around 6.25% with all being federal stafford loans. Right now I pay $1500 a month. I filled out my consolidation application with Direct Loan, who are the only people you can go through now to consolidate. The federal government took that over. Private lenders are no longer consolidating. After that stuff goes through, I should be paying about $780 a month, but that's over 30 years. I'm gonna try to pay them off in 10 years, but I want my minimum payment to be lower in case things happen and I need the extra money. I plan on paying around $1200 a month and knocking it out in 10 years. Definitely not putting life on hold for these loans. I'll probably be married in the next 6 months and looking for a house, so I intend on making minimum payments for a while. It would never happen but it would sure be nice if the federal government bailed us out on student loans since there aren't many jobs and everyone has ridiculous amounts of debt from school.

 

[PumpkinSmasher]

There is no mystery to how much you will pay in student loans. There are online calculators.

http://www.finaid.org/calculators/loanpayments.phtml

Just plug in how much you owe, the interest, and the loan term....boom done! You can see what your payments would be for all sorts of loan terms and it will also give you a payment schedule if you click on it.
Easy-peasy, Hope this helps!

Pharmacy schools should really offer a basic accounting, finance, money management skills elective course. So many of my classmates seem lost and are all under the assumption they will get to write off their student loan interest....WRONG!

If you visit the IRS website (http://www.irs.gov/publications/p970/ch04.html) you will find that any single household with an AGI of over $75,000 is phased out of the student loan interest deduction and any married filer who makes more than $150,000 is phased out. Even if your AGI is under 75k or 150k after other deductions, you still can only write off $2,500 dollars/year in interest payments, not exactly a life saver...

 

[museabuse]

My payments are $500 for a 30 year plan on a little over $100k. My consolidated rate is 2.75% You also get to deduct the interest paid on your student loans.

How do you get to deduct interest? I make too much.

 

[spacecowgirl]

How do you get to deduct interest? I make too much.

I was wondering the same 😡

 

[PumpkinSmasher]

How do you get to deduct interest? I make too much.

A lot of pharmacists that do not do their own taxes think their are writing off student loan interest. They just assume it is happening when their accountant is doing their taxes.

 

[Momus]

Married couple with a bum as your spouse maybe... >_>;

 

[spacecowgirl]

And lots of kids