The Brain on Love: seems easy enough

Student Loan Calculator Results Borrowing and Repayment Summary All monthly payment figures are estimates. Actual monthly payment amounts may be different, depending on a number of factors, including the term of the loans, the length of the deferral periods, the interest rates and fees, and changes in the variable interest rate on the loan. The illustration you select here may not reflect actual terms available from the lender. This analysis assumes you qualify for a subsidized Federal Stafford Loan and would not be required to pay interest on your loans while in school. The analysis assumes an annual interest rate of 5.3 percent, and that you will repay your loan over a 10-year period following graduation in 120 equal monthly installments. For purposes of this analysis, dependent student loan limits were used. Subsidized Federal Stafford Loan Borrowing Summary $ 11625 Principal you have borrowed or expect to borrow $ 3376 Total interest to be repaid (interest accrued during in-school and grace periods is paid by the federal government) $ 15001 Total amount of principal and interest to be repaid $ 125 Monthly repayment (if less than $ 50, a minimum monthly payment of $ 50 would be required). This analysis assumes you qualify for a Perkins loan on the basis of demonstrated financial need. Interest payments would be deferred while you are in college, graduate or professional school.The analysis assumes an annual interest rate of 5.0 percent, and that you will repay your loan over a 10 year period following graduation in 120 equal monthly installments. Perkins Loan Borrowing Summary $ 12000 Principal you have borrowed or expect to borrow $ 3274 Total interest to be repaid $ 15274 Total amount of principal and interest to be repaid $ 127 Monthly repayment This analysis assumes that you qualify for other loans for which interest payments are deferred while you are in college, graduate or professional school. The analysis assumes an annual interest rate of 6.80 percent, and that you will repay your loan over a 10 year period following graduation in 120 equal monthly installments. Please note: The College Board Connect Loan has a minimum monthly payment of $25. Other Loan Borrowing Summary $ 30000 Principal you have borrowed or expect to borrow $ 11429 Total interest to be repaid $ 41429 Total amount of principal and interest to be repaid $ 345 Monthly repayment This analysis combines your Stafford, Perkins, and Other Loans into a consolidated summary, based on the above information. Consolidated Borrowing Summary $ 53625 Grand total principal you have borrowed or expect to borrow $ 18079 Total interest to be repaid $ 71704 Total amount of principal and interest to be repaid $ 598 Combined monthly repayment Are Your Projected Student Loan Payments "Manageable"? Is your projected monthly payment of $ 598 manageable in relation to your estimated starting salary of $ 40000 when you graduate from college? There is no single, easy answer to this question, but some advisers suggest that your monthly student loan repayments should not exceed 10-15 percent of your first year starting income. If student loan repayments exceed 15 percent of your starting income, they could be burdensome and you may experience difficulty meeting your student loan repayments and other expenses. You estimated that your starting income could be approximately: $40000 per year, or $ 3333 per month in today's dollars. You also indicated that you expect to receive your degree in 2011, in about 3 years. Assuming starting incomes increase by 3 percent per year between now and 2011, we estimate your starting income could be approximately $3642 per month. Based on this information, your estimated montly student loan repayments — $ 598 — would represent about 16 percent of your projected monthly income —$ 3642.

The Brain on Love

Thursday, October 16, 2008

seems easy enough

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