Max Student Loans

Interest Rates – 7%

Number of Years You Should Borrow – 25 years

Maximum Amount You Can Borrow – $90K

Cost Per Year – $350/year

Total Debt Owed After 15 Years – $21,350

Percentage Increase In Your Loan Payments Over 10 Years – 22%

Interest Rate On Your Student Loans After 20 Years – 5.9%

Interest Paid To Bank On Your Loans Each Month – $25

Net Worth Of A Young Adult Who Has No Asset And Only One Job – $0

Annual Salary For That Person – $0

Annual Income From A Full-Time Job – $0

Percent Change In Your Monthly Paycheck If You Earn An Average Of $15,000 A Year – 0.0%

Percent Change In Your Savings Account If You Earn Average Of $15,00 a year – 0.0%

Percent Growth In Your Savings Account If All You Do Is Put Money Away Every Month – 0.0% (A savings account just keeps growing)

Max Student Loans

This video goes over how much student loans really cost students in terms of paying interest while they’re still studying. Students loan debt now surpasses credit card debt. Get educated about the true costs associated with going to school.

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Description: Max Student Loans

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Max Student Loan

At first glance, a student loan may seem like a good deal. However, after paying interest for years, it becomes impossible to repay without either increasing your monthly payment or borrowing less money. In order to avoid defaulting on your student loans, make sure you understand what you are getting yourself into before signing the dotted line.

Repayment Schedule

If you have federal loans, they are likely to cost 6% of your gross income for 10 years. If you’re not making much money yet, you might want to consider taking out private loans instead. Private lenders offer lower rates and flexible repayment schedules. Unfortunately, their application requirements are quite strict. You’ll need to know how much you earn, who’s contributing to your family’s budget, and whether you owe any past-due payments.

Debt Consolidation

Debt consolidation is often a good option if you are struggling with high-interest debt. By consolidating several small debts into a single, low-rate installment, you save money. However, you won’t save as much as you would by refinancing your existing loans. So be careful when choosing a lender; many take advantage of customers’ desperation.

Home Ownership vs. Renting

There are two ways to pay off your student debt: buying a home or renting. Each has its pros and cons. Buying a house gives you financial freedom. But unless you plan to stay put, buying a home means locking yourself into a long-term contract. And depending on where you live, homeownership might not even be an option.

Renting frees you up to move whenever you want. But you give up a lot of control over your space, and rent prices tend to rise faster than mortgage payments.

Borrow Less Money

If you don’t need a massive sum right away, borrow only as much as you need. When you overextend yourself, you end up paying higher rates and accruing additional interest charges. And when you graduate, you’ll still have to pay back your original loan amount plus an extra 20%.

Refinancing

Refinancing lets you swap out one low-rate loan for another. You do this by selling your current loan (at market value) and using the proceeds to buy a new one at a lower rate. But refinancing comes with a few risks, including the possibility that your credit score will drop. If you decide to refinance, consult a professional who specializes in consumer finance.

Ask Your Lender

Finally, contact your lender and ask about forbearance. Many institutions will allow you to temporarily suspend payments while you get back on track financially.

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