Undergraduate student loans PAID!

Ugh for borrowing so much, yay for getting it PAID!:
5,000
3,500
4,000
2,750
2,500
406
602
1,625
1,375
5,393
14,813
$41,964
Interest $ 3,659
$45,623

Next up Law School.

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Student Loan Success Strategies: Interest

Loans are paid back with interest to Lender. A percent charge to the amount of money you received that you pay back to the entity that loaned you money. Example: You get a $50,000 loan with a 10 year pay off at 5% annual interest rate. Year 1: $50,000 x 5% = $2,500 Interest If no payments are made, then most lenders include unpaid interest into the principle and Year 2 will be 52,500 x 5% = $2,625 Interest. The way to pay the least amount of interest is to pay off the loan as fast as possible. Achieve this by paying more than the monthly payment due, if you can. Example: Same $50k loan, 10 yr pay off, 5% interest. A. You pay the minimum amount of $500 a month for 10 years = $16,276.24 interest B. You pay $825 a month for 5 years = $9,065.85, which is ($7,210.39 or 44.30% less than A) C. You pay double the minimum $1,000 a month for 4 years = $7,506.50 ($8,769.74 or 53.88% less than A) Info from "Success Strategies & Repayment Realities: A Guide to Repaying Student Loan

Student Loan Success Strategies - Prepare for Repayment

Before the grace period ends, establish the following strategy: A. Review the repayment schedule from the Lender to see what your monthly bill will be and when it's due. You may have options for different payment plans so consult a smart financial person you trust to help you select the right one for you. B. Practice setting aside the amount you will have to pay on your loans each month and discipline yourself not to spend this money so you can get a feel for what your income will be when payments begin. C. Make any changes now to your spending and/or savings to ensure you will be able to pay your monthly expenses, meet other financial obligations, and have money to enjoy life. Ensure your expenses will not exceed your take home pay. Info from "Success Strategies & Repayment Realities: A Guide to Repaying Student Loans," published by Access Group, Inc.

Student Loan Success Strategies - Starting Grace Period

Grace Period Upon graduation, Lenders will usually give you a set amount of time before you must begin making payments. This grace period starts when you: a) Graduate, b) Leave School, c) Your class enrollment drops below half-time, whichever comes first. Grace Period by loan Type (as of January 2021): Federal Direct subsidized and unsubsidized: 6 months. Federal Stafford subsidized and unsubsidized: 6 months. Federal Direct PLUS for graduate students: 6 months. Federal Direct PLUS for parents: 6 months, Federal Perkins: 9 months. Private loans: Varies by lender(s). Ask your lender(s) if you’re not sure. GET THE ADVANTAGE: Use this time to 1) Get a job, 2) Know your take home pay, and 3) Begin tracking your monthly expenses. Info from "Success Strategies & Repayment Realities: A Guide to Repaying Student Loans," published by Access Group, Inc.

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