St Augustine estimated loan

[wjs010]

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I've searched through many threads and never found this answer exactly. For students attending San Marcos campus: what was the total loan amount you had to borrow, assuming you need to borrow and pay everything with loans . Also , I'm curious what your total living expenses came out to be and if your apartment was adequate if the rent was fairly cheap ( I'm really only concerned with no bugs.. How can I study with bugs lol). I need a good estimate because I'm terrified of the estimate I came up with. I estimated $145,000. That does not seem worth it . Anyone with experience please feel free


Sent from my iPhone using SDN Mobile app I will accept any pt school at this point. I cannot sleep

 

[blewis15]

Hey man. I am also applying to USA San Marcos, so I too am looking into this. My estimates are just short of $135,000 plus or minus a couple thousand dollars, but we can use your $145,000 just as an example. Paying off 145k with a 6.8% rate in 10 years requires monthly payments of $1669 which comes out to be $20k a year. If you land a decent job making at least 75k a year, dedicating 20k a year to loans still earns you 55k (before taxes) which is still a lot more than a lot of people earn (national median income is 44k). Remember, under current tax laws, you can deduct up to $2500 of payments on loan interest. It's not much, but over 10 to 20 years that is deducting $25000-$50000 from your taxable income.

If you wanted to extend the repayment period to 15 years your monthly payments are $1287 and annually that's $15444.

Of course, these are rough estimates at a rate of 6.8%. It all depends on what loans you get, what their rates are, when interests starts accruing, and how often the rates are compounded. It's not the end of the world to go into student loan debt. Lots of people are in our shoes. We just have to learn to budget efficiently, and we will have a rewarding career that makes a difference in thousands of lives.

 

[wjs010]

Yea I did a loan calculator and got similar numbers to yours. That's true. I'd rather do the 10 year but just hope it won't make me feel like too burdened. I have to admit though. I've never had money so even 50 k sounds amazing lol. What loan are you going for ? It's strange because I see people saying loans will ruin your life and some put it like you put it. I have to decide tomorrow if I'm going to the interview . One positive thing is how fast USA finishes.. 7 sem


Sent from my iPhone using SDN Mobile app I will accept any pt school at this point. I cannot sleep

 

[blewis15]

I think it's all up to the individual and how he or she views money. I'm already frugal and smart about my money, so I know I will be okay in the end. I'm liking USA because for me I can start sooner, and I can end sooner. It is in CA and all my fam is in CA. It is right next to the beach, and I'm sick and tired of living in the Central Valley where it is scorching hot in the summers and has the worst air quality in the Nation. We shall see how everything turns out