Loan Amount | Loan type & rate | Interest per year | Fees | At graduation | Payment | Total paid |
$8,500 | Sub. Stafford 6.8% | $0 | 1% | $8,585 | $99 | $11,856 |
$29,000 | above + Unsub Stafford 6.8% | $816 | 1% | $30,106 | $346 | $41,575 |
$50,000 | above + PLUS 7.9% | $2,475 | 4% | $53,605 | $630 | $75,617 |
$65,000 | above + PLUS 7.9% | $3,660 | 4% | $70,390 | $833 | $99,971 |
$82,349 | above + PLUS 7.9% | $5,031 | 4% | $89,803.53 | $1,068 | $128,113 |
That ends up being pretty expensive over time! Even with no interest during school and a 1% loan fee I'd pay 39% more by financing the $8,500 instead of finding another way to pay for it. At the high end, you more than 55% more by financing the entire student budget. Of course sometimes you don't have the cash to pay, but over $20,000 of the student budget is living expenses. This makes a really good case for living cheaply. Going out for drinks is no longer a good deal if your $20 bar tab becomes $30. Similarly, while I might pay $30 for a dinner out somehow $40 doesn't seem as reasonable. With that math I'm not sure how anyone can justify financing living expenses. Just another reason for me to stick to my guns and take on as little debt as possible.
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