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Student Loan Update - Washington Post
- Thread starter Lesley
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Odd. Somebody in the article said the lack of subsidized student loans now puts the completion of their professional school out of financial reach, so they will not be able to finish their last year of school.
1. At 8000 x 7% interest we are talking about less than $600 in added costs
2. This isn't money you pay up front, it is added to your loans, so it is maybe an extra $100 per year over the course of the loan, or 30 cents a day
3. The school itself is more than likely going to cost at least $600 extra next year due to the rise in tuition
Sure the student's finances might be tight and they want to take a year off to work and build up savings, but to blame their delay of a degree for a whole year just because of a loss of subsidized loans is rather misleading.
1. At 8000 x 7% interest we are talking about less than $600 in added costs
2. This isn't money you pay up front, it is added to your loans, so it is maybe an extra $100 per year over the course of the loan, or 30 cents a day
3. The school itself is more than likely going to cost at least $600 extra next year due to the rise in tuition
Sure the student's finances might be tight and they want to take a year off to work and build up savings, but to blame their delay of a degree for a whole year just because of a loss of subsidized loans is rather misleading.
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I agree it's ridiculous to blame this change for not being able to afford tuition.
I'm looking at the price tag for loss of subsidization on staffords during med school, and I'm coming up with about $5600. $8500 per year in two distributions, 6.8% compounded monthly. Interest added per month starts at about $24, ends at about $223.
Anybody want to check my math? Exact numbers aren't reasonable for a variety of factors, but I think $5600 is about right.
I didn't include the 6 months of grace after graduation - I can't figure out yet if that's just subsidized loans or not.
I'm looking at the price tag for loss of subsidization on staffords during med school, and I'm coming up with about $5600. $8500 per year in two distributions, 6.8% compounded monthly. Interest added per month starts at about $24, ends at about $223.
Anybody want to check my math? Exact numbers aren't reasonable for a variety of factors, but I think $5600 is about right.
I didn't include the 6 months of grace after graduation - I can't figure out yet if that's just subsidized loans or not.
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