Class 7 - Paying Off student Loans- MSU average debt at...

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Unformatted text preview: Paying Off student Loans- MSU average debt at graduation: $22,147 in 2008- What type of loan do you have? o Federal Subsidized Based on need Government pays interest/school 5.6 % - 9/10 4.5% - 10/11 3.4% - 11/12 Unsubsidized Not based on need Borrower responsible for interest at all times 6.8% Limits and Benefits Dependent - $31,000 Independent - $57,500 Grad - $138,500 Parent Loans to Undergraduate Students PLUS loan 7.9% or 8.5% What are my repayment options? Standard 10 years Graduated repayment extended up to 25 30 years Income sensitive FFELP only Income Contingent Direct loans only Income based Partial financial hardship Determined annually Payment is 15% of net income over 150% of poverty line for household size $30,000 AGI-16, 245 13,755 *.15 2,063/12 = $172 a month 27,145 6.8% 10 years $254.87 a month This requires you to earn $30,587 if you assume your student loan payments to be 10% of gross...
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Class 7 - Paying Off student Loans- MSU average debt at...

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