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Wednesday, July 10, 2019

Student loan math: How much you'll really pay for it

Those who graduate college with student loansOpens a New Window. owe close to $30,000Opens a New Window. on average, according to the most recent data from the Institute for College Access & SuccessOpens a New Window..

But they’ll likely repay thousands more than that because of interest. One key to limiting interest cost is choosing the right repayment plan. The bottom line? Opting for lower payments will cost you more overall.

Using a tool like the Education Department’s Repayment EstimatorOpens a New Window. can help you better understand potential costs. Here’s how much $30,000 in unsubsidized federal student loans would cost under different plans at the 2019-2020 undergraduate rate of 4.53 percent.



Anonymous said...

You'll pay more than you borrowed in all cases, if you honor your debts.

But why in the world would we let a teenager with a smidge above zero experience and no assets borrow as much as a mortgage on a modest house? With the collateral being the mush between their ears.

Students, and parents, need to shop aggressively for a cost-effective college before inking a loan.

Anonymous said...

If Warren has her way you will be paying as a taxpayer student loans and so will those students with forgiven students loans (as a taxpayer). We all will be paying so if you have a student loan don't be celebrating yet. You might still have to pay (by taxes). Got it. Hope so especially if you have a college degree.