What’s the average repayment on post-graduate school loans (for a bachelor’s degree)?
I am approaching graduating with my bachelor’s degree. I would like to know from others, what’s a good approximation on average of school loan repayments…and how much is considered as a “good” repayment balance to graduate with?
Top 3 Answers
Favorite Answer
Read “YOUNG FABULOUS AND BROKE”
0
This depends on your loans and if they are federal loans (which have a lower interst rate) or if they were private. Current rates for repayment of federal ed loans (after consolidation) is about 5.75. Interest rates for repayment/consolidation of private loans can run anywhere from 8.5 up to 13.0 depending on your credit rating and where you borrow from. Generally speaking, you can not consolidate federal and private loans together. You should also be sure that whatever consolidation or refinancing program you go with, that you will still have the ability to defer the loans should you go back to school or face financial hardships. Some lenders, like Sallie Mae, even allow you to switch from one repayment plan to another if needs arise, as long as you stay current with your payments. I have just helped a friend consolidate her loans. She had $18,000 in federal loans for which she will pay $145 per month for 15 years. Her private loans, which total nearly $130,000.00, will cost about $1150 per month for 20 years. These are pretty typical for someone who went to a private college.
0
It completely depends on how much your loan was for. You should be getting a letter from your loan company asking what option you want to go with. For example, my DirectLoans gives me the option of paying back over 10 years, 20 years, or 25 years. I am graduating this month and just got my letter. I chose the 10 year option because it would be less overall interest. On a $20,000+ loan, I will be paying back almost $300 a month. Check into what options you have and see which works best for your situation.
0
