Project Outline
Consider taking out $5,000 every year for four years, totaling $20,000. How long would it take you to pay back the loans? What's the total amount of money you'd end up paying for the loans? Look up current interest rates for federal government subsidized and unsubsidized loans and private bank loans. How does a change in interest rate affect the overall cost of the loan? Explain anything you found in your research that surprised you. How did this change (or not change) your understanding of student loans?
Here is a loan repayment calculator. Here's a spreadsheet template that's even more helpful (you will have to copy it to your Google Drive). Obviously it's difficult to tell how much you'll be able to afford per month right now. Please compare monthly payments of $50, $100, $150, and $200. This will require you to change the term length of the loan.
Here is a loan repayment calculator. Here's a spreadsheet template that's even more helpful (you will have to copy it to your Google Drive). Obviously it's difficult to tell how much you'll be able to afford per month right now. Please compare monthly payments of $50, $100, $150, and $200. This will require you to change the term length of the loan.