"Avoid the student loan trap!"
Remember, it's your financial future that's at stake!
Accepting too many Stafford Loans at 6.8% interest can be your worst nightmare after graduation. When possible, just say, "no thanks."
Students continuing through graduate school may borrow up to $138,500. Pharmacy, medical or Vet students can rack up as much as $224,000 in student loan debt. (That's a quarter of a million dollars you have to pay back!)
PLEASE NOTE: The figures in the example below are based on "unsubsidized" Stafford Loans. Unsubsidized means you either pay the interest once a quarter or allow the interest to accrue and be added to your student loan when you graduate!
TOTAL
COST FOR UNSUBSIDIZED STAFFORD LOAN
|
Plan |
Loan |
Interest* |
Mo. Pmts. |
Actual
Payback |
Percentile ‡ |
10 yr. |
$15,000 |
6.80% |
$173 |
$20,760 |
38% |
15 yr. |
$15,000 |
6.80% |
$134 |
$24,120 |
60% |
20 yr. |
$15,000 |
6.80% |
$114 |
$27,360 |
82% |
10 yr. |
$30,000 |
6.80% |
$346 |
$41,520 |
38% |
15 yr. |
$30,000 |
6.80% |
$268 |
$48,240 |
60% |
20 yr. |
$30,000 |
6.80% |
$228 |
$54,720 |
82% |
*
Rates change every July 1st. Maximum rate is 6.8 percent through 2013.
‡Payback and percentile figures are rounded.
UPDATE: The Feds have cut the interest rate on subsidized Stafford Loans to 4.5% for the current 2010/11 school year and will drop the rate to 3.4% for the 2011/12 school year.
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