urlight20
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 18 Mar 2011
|
| Grad Loans |
 |
|
I have 3 grad school loans. I am trying to determine two different payment options, a 1 year plan and a 2 year plan. 1 year -- how much will we need to pay monthly in order to completely pay off the loans in 1 year? 2 years -- how much will we need to pay monthly in order to completely pay off the loans in 2 years? Your help is much appreciated!
Principal Interest 1 yr Plan 2 yr Plan
4602.85 5.75%
7012.76 3.75%
26,167.00 6.55%
|
Fri Mar 18, 2011 1:42 am |
|
|
KatherineLee88
Preferred Member
Cash: $ 22.65
Posts: 112
Joined: 10 Jan 2011
Location: Iowa
|
Ha. I noticed this post the day it was posted and I was going to do the math for you, but then I realized it was quite possible for you to do it yourself.
I guess others had the same opinion as me.
You can google "amortization schedule excel" and download a template for Excel that will allow you to answer your question. You'll need to play around with numbers a little bit to get an exact amount. You could also try the web site for your loan servicer. My loan servicer has a calculator online that tells me what my monthly payments would be if I wanted to pay it off in various time periods. You are in or finished grad school, I trust that you'll be able to figure it out if you haven't already.
Good luck!
|
|
Tue Mar 29, 2011 2:12 am |
|
|
oldguy
Senior Member
Cash: $ 309.30
Posts: 1481
Joined: 21 May 2006
Location: arizona
|
quote:
4602.85 5.75%
7012.76 3.75%
I would add - I would not prepay a 5.75% loan, and certainly not a 3.75% loan. Don't you have higher & better uses for that capital? Personally, I would invest the $11616 at 10%/yr to 12%/yr with the goal of turning it into $33,000 in 10 yrs, $94,000 in 20 yrs, and so on.
If you want to pay the $26,167 loan in 24 months, the payment is $1166/m. (a total of $27,990)
|
|
Tue Mar 29, 2011 5:39 pm |
|
|
|
