Well, that depends entirely on what your interest rates are and your loan terms.
Here is a calculator that Kris posted:
http://www.finaid.org/calculators/scrip ... yments.cgi
and another one with extra payment options and amortization table :
http://www.bankrate.com/gookeyword/loan-calculator.asp
Our loan will start at 2.75% interest with direct deductions from our checking account. It will go to 1.75% after 3 years. We owe upwards of $230,000.
For the first 3 years, I expect we will pay around $1000 per month. After the first three years, I expect the payment will drop by about $100 per month.
Financially it makes sense for us to take the full 30 years to pay it back. However, I don't know if writing that check for 30 years is good for our sanity. We shall see.
If you have 150K at 3% (consolidate!!!) and pay it back over 15 years, you will pay just over $1000 a month. Over the lifetime of the loan you will pay 37K in interest. However, by consolidating your loan you get incentives for paying on time and deductions from your checking that will save you thousands of dollars in interest.
I urge anyone who has not done it, who is finished with med school to consolidate their loans NOW. The interest rates are going up by a lot, in just a few weeks. Believe me, it is a good way to go.
If you have more than one lender you can consolidate through whomever you want. I like the company we went through, and if you would like more information on that, let me know and I will send you a private message.
If you have one lender, you can still consolidate your loans through that lender.
Private loans can not be consolidated as far as I know, but ALL stafford, sub and unsub and perkins loans can.
Right now the rate on stafford loans is 2.77% and it will go up July 1st.
You can consolidate your loan, depending on amount and lender for 10, 15, 30 years.
If you consolidate you lock in your interest rate. WHen we started medical school, only 5 years ago the interest rate for stafford loans was 8.0%. If we had to pay back at that rate we would have had to pay double the monthy payment.
Consolidate, consolidate, consolidate!!! It is so worth it. You will not get a better interest rate.
Here is a calculator that Kris posted:
http://www.finaid.org/calculators/scrip ... yments.cgi
and another one with extra payment options and amortization table :
http://www.bankrate.com/gookeyword/loan-calculator.asp
Our loan will start at 2.75% interest with direct deductions from our checking account. It will go to 1.75% after 3 years. We owe upwards of $230,000.
For the first 3 years, I expect we will pay around $1000 per month. After the first three years, I expect the payment will drop by about $100 per month.
Financially it makes sense for us to take the full 30 years to pay it back. However, I don't know if writing that check for 30 years is good for our sanity. We shall see.
If you have 150K at 3% (consolidate!!!) and pay it back over 15 years, you will pay just over $1000 a month. Over the lifetime of the loan you will pay 37K in interest. However, by consolidating your loan you get incentives for paying on time and deductions from your checking that will save you thousands of dollars in interest.
I urge anyone who has not done it, who is finished with med school to consolidate their loans NOW. The interest rates are going up by a lot, in just a few weeks. Believe me, it is a good way to go.
If you have more than one lender you can consolidate through whomever you want. I like the company we went through, and if you would like more information on that, let me know and I will send you a private message.
If you have one lender, you can still consolidate your loans through that lender.
Private loans can not be consolidated as far as I know, but ALL stafford, sub and unsub and perkins loans can.
Right now the rate on stafford loans is 2.77% and it will go up July 1st.
You can consolidate your loan, depending on amount and lender for 10, 15, 30 years.
If you consolidate you lock in your interest rate. WHen we started medical school, only 5 years ago the interest rate for stafford loans was 8.0%. If we had to pay back at that rate we would have had to pay double the monthy payment.
Consolidate, consolidate, consolidate!!! It is so worth it. You will not get a better interest rate.
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