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This come from values entered at:
http://www.finaid.org/calculators/loanpayments.phtml
I HIGHLIGHTED THE KEY POINTS & REMEMBER THAT 3.46% IS THE CURRENT LOAN RATE WHILE IN SCHOOL, IT WILL JUMP TO 4.06% WHEN YOU GET OUT. AND YES, I TOO WILL BE SHOCKED IF RATES DO NOT JUMP IN THE UPCOMING YEARS. THIS IS A LOW ESTIMATE.
GO PLUG VALUES IN THAT RELATE TO YOU!
======================================
Loan Payments Calculator
Loan Balance: $150,000.00
Loan Interest Rate: 3.46%
Loan Term: 10 years
Minimum Payment: $0.00
Monthly Loan Payment: $1,480.48
Number of Payments: 120
Cumulative Payments: $177,657.46
Total Interest Paid: $27,657.46
Note: The monthly loan payment was calculated at 119 payments of $1,480.48 plus a final payment of $1,480.34 .
It is estimated that you will need an annual salary of at least $177,657.60 This estimate assumes that 10% of your gross monthly income will devoted to repaying your student loans. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $118,438.40 , but you may experience some financial difficulty.
These results assume that the student is paying the interest charges on any unsubsidized loans and is not capitalizing the interest while in school. If the student is capitalizing the interest, the cumulative payments and total interest charges will be higher than shown here.
http://www.finaid.org/calculators/loanpayments.phtml
I HIGHLIGHTED THE KEY POINTS & REMEMBER THAT 3.46% IS THE CURRENT LOAN RATE WHILE IN SCHOOL, IT WILL JUMP TO 4.06% WHEN YOU GET OUT. AND YES, I TOO WILL BE SHOCKED IF RATES DO NOT JUMP IN THE UPCOMING YEARS. THIS IS A LOW ESTIMATE.
GO PLUG VALUES IN THAT RELATE TO YOU!
======================================
Loan Payments Calculator
Loan Balance: $150,000.00
Loan Interest Rate: 3.46%
Loan Term: 10 years
Minimum Payment: $0.00
Monthly Loan Payment: $1,480.48
Number of Payments: 120
Cumulative Payments: $177,657.46
Total Interest Paid: $27,657.46
Note: The monthly loan payment was calculated at 119 payments of $1,480.48 plus a final payment of $1,480.34 .
It is estimated that you will need an annual salary of at least $177,657.60 This estimate assumes that 10% of your gross monthly income will devoted to repaying your student loans. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $118,438.40 , but you may experience some financial difficulty.
These results assume that the student is paying the interest charges on any unsubsidized loans and is not capitalizing the interest while in school. If the student is capitalizing the interest, the cumulative payments and total interest charges will be higher than shown here.
