Id guess I%26#039;d be making $45,000-$50,000 a year. I know that interest rates change, and one can finance a loan differently, but what is an average, ball park fihure for a monthly payment on a loan student loan of $80,000?
How much would a monthly payment be on an $80,000 student loan?
Your monthly payment will be based on your status as a student and what kind of loan(s) you have taken out.
Stafford loan rates are determined according to if the student is in school/in grace, or in repayment. The in school/in grace rate is .6% lower than the in repayment rate. Also, if a Stafford loan was issued before June 30th, 2006; those loans have a variable interest rate which changes from year to year.
Perkins loans interest rates are always fixed at 5%.
In addition, if you do not consolidate your federal student loans, you are automatically set up on a 10 year repayment plan.
So for $80K in federal student loans, assuming your are in repayment status, and have taken out Stafford loans all issued before June 30th 2006, monthly payments would be about $934 a month.
Consolidating your federal student loans, not only saves you a significant amount of money on your monthly payments, but also resets your forbearance and deferment privileges.
How much would a monthly payment be on an $80,000 student loan?
What is the interest rate?. . how long do you plan to finance the balance 5. .10. 15. . or 20. years?
How much would a monthly payment be on an $80,000 student loan?
Assuming an interest rate of 5%, the following amortization and payments:
30 years $429.46
25 years $467.67
20 years $527.96
15 years $632.63
10 years $848.52
Hope this helps
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