College Loans. NEED HELP!?

Question

I have decided to attend Syracuse University in the fall of 2008. I need your help because we will be responsible for $19,000 a year (given almost $30,000 of financial aid in grants/loans). They are offering me a Federal Parent Plus Loan which will be for $18,939 the term is for 120 months at 8.5% interest and 4% fees. The estimated monthly payment is: $235 a month with a 120 month time period.

How much TOTAL money will I owe at the end of 4 years (including the 8.5% interest and 4% fees from the Federal Parent Loan Plus)? How much money will I have to pay monthly after my 4 years to cover the total money I owe (including the interest, over a time period of 120 months)?

Thanks in advance, please help if you can.

Answer 1

Your 4% is an origination fee and is a one time fee, from the very beginning of the loan.

The interest is fixed at 8.5% but do you qualify for any borrower benefits that may reduce the interest?  Or reduce interest during repayment?

Are you eligible for a rebate or loan reduction?

Keep all of those things in mind when you look at overall cost.

To determine your payments and overall loan payoff, use a loan calculator

http://www.finaid.org/calculators/intere...

Good luck and I hope this helps!