Post # 1
I am going to be graduating this May with a bachelors degree in child and family studies (I start a teacher licensure program in June). I am terrified of having to repay my student loans, even though it’s not an exorbitant amount. I owe roughly 10,000 all in federal loans (6.8%). I was wondering if anyone could enlighten me as to how much my my monthly payment would roughly be. I will be entering grad school, so they will be deferred and I’m hoping that I won’t need to take out any more.
Also I’d love to pay them off early, I’m just wanting to get a better idea of what I’ll be expected to pay monthly with the assumed 10 year term. Thanks so much!
Post # 3
@MissPatience: Well I had 2x that in loans, and I only had to pay like $140 a month. So……$70ish?
Post # 4
I’m child and family studies too! I’ll be finishing with closer to 30-35k though…ughhhh
Post # 5
thanks! That makes me feel alot better 🙂
Post # 6
Do you have multiple loans? You can always look at consolidation, or income-based loan repayment. The goverment has a pretty good site: http://www.loanconsolidation.ed.gov/ (if that does not hyperlink, much sorrys!)
Post # 7
It won’t be more than like $150 more than likely- as others have said, probably closer to half that. If you can pay more, though, pay as much as you possibly can (try not to defer if you can help it- interest will compound and you’ll end up with $12 or $13k instead of $10). Get that debt out of your life ASAP 🙂