If you take out 5,000 dollars for your four years of college that would mean you would have to take out a 20,000 dollar loan. For you to pay that back as a subsidized loan of 20,000 dollars at a rate of 4.29% for 5 years your monthly payment on that loan would be 307.95 dollars a month and your total amount you would be paying throughout the hole 5 years would be 22,257.22 that is for a subsidized loan. If you take the way of an unsubsidized loan of 20,000 dollars at 5 years with a 4.29% interest rate you would be paying that off plus the interest throughout your college but with the subsidized loan you don't have to pay interest throughout your 4 years of college. So for the unsubsidized loan of 20,000 at 4.29% interest for 5 years would be 307.95 dollars a month and total of 22,257.22 dollars. For a Maximum Direct PLUS rate for a 20,000 dollar loan at a rate of 10.5% for 5 years it would be 429.88 dollars a month and a total of 25,792.68 dollars.
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November 2015
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