How much do you have to pay back at what increments of your college loan?
Posted by StudentLoan on July 30th, 2010 | 4 comments
like if we take the sum of 20,000 as well as we connoisseur what is monthly payments like? contend the seductiveness in 5 or 6 percent… would it be similar to the automobile payment!! yikes!!
Comments
Try consolidating. That’s what I did and my monthly payment is low.
http://www.aessuccess.org
About $50 per 5,000 per month or $ 200, is a excellent ESTIMATE.
It’s not as high as a car payment. THat’s cuz they let you drag it out longer. I have over $30K. At that range, I’m allowed to spread it out over 20 years. I pay less than $200/mo.
A $30K car payment would be a lot higher, because car payments are usually over 4 or 5 years, not 20.
The payback rate for educational loans is much longer than a car payment and much lower too. I have a 10,000 loan and I only pay $60 a month. You don’t have to start paying back the loan until 6 months after you graduate and if you enter graduate school between that time, you don’t have to pay it back until 6 months after you graduate a second time.