How Much Will Your College Loan Payments Be?
It is amazing how many college students, 1) Don't know their total student loan obligation; and, 2) Don't know the amount of their loan payments. This is especially puzzling since students will be repaying their loans for TEN years! Don't get me wrong, I understand how it happens: students borrow a little or a lot each semester and between school, part time jobs, and homework fail to keep track of all those loans--and they add up! According to Forbes Magazine , "College graduates with the average $27,000 in student loan debt can end up making payments of over $300 a month for 10 long years. There are only so many dollars to go around, and because of the student loan burden, these are people who have difficulty carving out funds to save, pay down debt and invest for retirement. They may have to delay purchasing a home because they are paying up to 15% of their incomes for the college degree that landed them the job." "Oh, well," you say....