Fellow college students?

Question

How much debt are you in and do you worry?

Exactly how much can you expect to pay back a month if you rack up $20,000. I'm scared. lol

Answer 1

There's a wonderful payment calculator on MyRichUncle.com that can estimate your payments. Good luck :)

Answer 2

$20,000 is nothing. You'll only be paying about $166/month for about 7 years with that!

My school costs $70,000.. I am real worried. Mostly I am worried that I will get kicked out for not maintaining a 3.0 GPA (Especially in Math class) and then have to start paying my loan with my sh*tty, low end job that I am working, right now...

I'm scared, too!  

BUT: The bright side; the interest rates on the loans are VERY low, only about $1,200 interest on a 20K loan, (6% interest) and you get up to 10 years to pay it back. So the payments are very low, especially with the money you'll be making with your degree (Depending on your degree type & what you're going for)

Also, don't expect to get a job without a 4 year degree, ever.  You NEED to go to college! You really do.  So don't worry about the debt, you will be able to pay it back.  Once you're making a house payment, that measly loan payment will be nothing. And depending on what you're going for, many people pay their loans back in their first year!