[troub]

HOLY CHREESE BATMAN!

So I got my estimated cost of repayment today

....

That whole foods pizza (11$) I got the other day is going to end up costing $35.20

Bought a rug for $15 to go in my room.... yeah $48.

Housing... omg housing /dies

 

[troub]

I never realised they were this much.

Did any of ya'll get large loans with a 13%/yearly interest?

16,700*.13*24+16,700=roflcopter

 

[GhostUser]

13 percent?

No.

Do you have full deferment loans?

 

[Tesseract]

I think mine were all between 7 and 9%. This was a few years ago, though.

 

[troub]

Quote:

Originally Posted by veggiejanie

13 percent?

No.

Do have full deferment loans?

yeah

 

[GhostUser]

You'll definitely be paying more over the long run, depending on how large your loan is. Can you afford small monthly payments while you're in school to cover interest?

I took out a loan last year that was fully deferred, but I didn't realize you could pay the interest ahead of time to save money. The loan I took out for this year is interest-only, and my payments are pretty low. Maybe you could look into that for next year if you need to take out another loan.

 

[Quincy]

this year the school is cutting back on how many loans they give out and how much...I had to take out $5200 through SallieMae and that has an interest rate of 15%...

very sad.

 

[GhostUser]

Oh my gosh.. 15%?

I got my loans through Citizens Bank from TERI. 8% or so interest. I had a cosigner, which may have affected that rate.

 

[troub]

I guess I read it wrong. I thought the papers ment 13% interest OVER 20 years. Not 13% annual for 20 years.

So I was expecting to pay back like 17-18 of the 15k... not 70k for 15k. >.>

gg. lol.

>.>

 

[GhostUser]

 

[Quincy]

well, my parents wouldn't cosign and I cannot afford to pay/defer interest while in school, or whatever they call it.

I'm basically screwed, but about 5-10 years after college is done, I should be much better off.

 

[Brandon]

Hi, my name is Brandon and I'm currently being squashed alive by my student loan repayments.

Sallie Mae is a harsh mistress.

 

[GhostUser]

Hi, Brandon.

You've come to the right place.

How many years ya got left?

 

[Brandon]

Oh geez....what.....a good FOREVER??

Honestly, it's so far off I have no idea at this point.

 

[troub]

/pats back

 

[Dirty Martini]

you're buying pizza & a rug with your student loan?

*tsk tsk*

This is a pretty cool excel template from microsoft (attached):

http://office.microsoft.com/search/r...&respos=2&rt=2

Loan Amortization.zip 31.7373046875k . file

 

[remilard]

Quote:

Originally Posted by troub

I never realised they were this much.

Did any of ya'll get large loans with a 13%/yearly interest?

16,700*.13*24+16,700=roflcopter

They'll be compounding that so you want:

16,700(1.13)^24

But they'll probably make you start paying before 24 years are through so you'll be paying via amortization method and the spreadsheet OA posted will give you an accurate periodic payment. Or, if you are a DIYer for monthly payments

let i=1.13^(1/12)-1

X(1/i)(1-(1+i)^(-24))=16,700

solve for X

 

[Dirty Martini]

damn that's hot *swoon*

 

[remilard]

Quote:

Originally Posted by OregonAmy

damn that's hot *swoon*

blah blah blah black-scholes blah blah inverted yield curve

do anything for ya?

 

[troub]

yeah they sent me my average estimated monthly payments and my total amount payed back after 24 years. (4 year deferment - 20 year repayment)

my mom wasnt pleased. (cosigner) gota speach on how if I default its going on her and ect ect ect. yeah.