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I'm a little hesitant to post this, because it seems slightly personal. Still, I think it'll be helpful for people trying to make the decision on whether or not to go to college. Regardless of my or your opinions, these are the real numbers you'll be looking at when you get your degree. I just got an e-mail today breaking down how much I owe for the chance to live the college "experience".
"As of today, your principal balance on the loans that we service is: $25,250.00"
"Based on your current principal balance, your estimated monthly payment amount on a Standard Repayment Plan would be $268.24."
Let's do the math. That's a total of ~94 months, assuming I keep up with that same payment amount every month. That's about 8 years.
To put that into perspective, that's like buying a brand new laptop every month for 8 years straight.
But that's just to pay off the principal. Loans come with interest. All in all, assuming I keep up with the payments, it may take me about 10 years to pay everything off in full.
I'm not talking theory. I'm not giving you heartfelt advice. This is what it costs. And I didn't go to a very good school. The average college graduate owes a principal of about $30,000. How many years would it take you to pay that off?
Is college worth it? You decide.
"As of today, your principal balance on the loans that we service is: $25,250.00"
"Based on your current principal balance, your estimated monthly payment amount on a Standard Repayment Plan would be $268.24."
Let's do the math. That's a total of ~94 months, assuming I keep up with that same payment amount every month. That's about 8 years.
To put that into perspective, that's like buying a brand new laptop every month for 8 years straight.
But that's just to pay off the principal. Loans come with interest. All in all, assuming I keep up with the payments, it may take me about 10 years to pay everything off in full.
I'm not talking theory. I'm not giving you heartfelt advice. This is what it costs. And I didn't go to a very good school. The average college graduate owes a principal of about $30,000. How many years would it take you to pay that off?
Is college worth it? You decide.
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