Student Loan payments over 120 months
Date: Sun, 04/25/2010 - 12:24
Student Loan payments over 120 months
my question is, looking over a pamphlet from school, it lists that 25k with 6.8% interest will add on about $9500.00 making it about $35k and my total payments over 120 months to be $288.00 per month. When I was 19, I worked for someone who had borrowed 50k and was sending in a $100 check every month. Considering I borrowed half of that, what are my chances of actually getting my monthly payments that low? I'm going to defer at first just for a bit, but then CONSOLIDATE. If i do that, will it be lower than the scheduled $288.00 per month? I also read here that they have to accept any payment you send them. So if I decide to just send them $100 every month, what can they possibly do? The advantage of taking out all these loans is that when I actually consolidate them all and start making payments, my credit will boost like crazy. I checked my credit and it shows that they are a positive on there, but the payments haven't started.
The someone who was makign $100 on a $50k debt must have been on
The someone who was makign $100 on a $50k debt must have been on income contingent.
Do the math or look at the student loan calculator. $29k at 6.8% has a standard repayment of $333 for ten years.....monthly interest starts out at $164 per month.
http://www.finaid.org/calculators/loanpayments.phtml
Sure the lender will accept any payment that you send...however if it is not the correct payment you will be marked as past due...go 270 days past due and you will default. You cannot just decide what payment you are going to make....it just doesnt work that way.
Is it better to get on the ICR program instead of consolidation
Is it better to get on the ICR program instead of consolidation and pay over 25 years? Id rather have lower monthly payments extended over a longer period of time.
ICR is only thru consolidation. Over 25 years, your total loa
ICR is only thru consolidation.
Over 25 years, your total loan costs will be $60k...so $31K in interest. Sure your payments will be lower but it will cost you basically what a small house or condo will cost.
but maybe long term is better considering inflation. my payments
but maybe long term is better considering inflation. my payments of $201 wouldnt seem that difficult to make in 10 years but right now 333 just seems like alot. especially when i dont make much money. and either way, whether i opt for the 25 year plan or 10 year plan, if i pay extra each month, be it $100 or $200 each month, I can always accelerate it and save on the interest regardless. Or if in a couple years, i am able to make 35k in 1 shot from business or whatnot, I would be able to pay it off but would have had an easier time going through it for the years prior saving a whole $130 each month. Thats the way I look at it.