Of course how much you will pay will also depend on what kind of loans you choose to take out.
Then with some financial information like how much you (or your family) will be able to contribute each year and what scholarships or gifts you’ve already secured, the student loan payment calculator can tell you what amount of debt you can expect to take on and what your costs will be after you graduate – both on a monthly basis and over the lifetime of your loans. Variables like your marital status, age and how long you will be attending (likely four years if you are entering as a freshman, two years if you are transferring as a junior, etc.) go into the equation. By looking at a student loan calculator, you can compare the costs of going to different schools. The important thing is to know in advance what you’re getting yourself into. Many graduates, however, find their debt to be manageable, and, in the long run, worthwhile. Sure, some recent graduates have student loan horror-stories to tell: high debt, low job prospects and a load of other expenses to boot and others have simply stopped bothering to make loan payments at all (the total number of people with defaulted student loans recently climbed to over 7 million). Not so fun, that – but don’t get discouraged. The result has been skyrocketing student loan debt over the past decade. The cost of tuition and fees at public four year institutions increased by 17% over the past five years alone, according to data from The College Board.įor many students, the only way to stay atop this rising tide has been by taking on an increasing amount of student loans. While it’s no secret that getting a degree has grown more expensive in recent years, the numbers are nonetheless surprising. While both of these portrayals contain some truth (there are parties the weather is nice sometimes), there’s one aspect of college that is often left out, or at least pushed to the sidelines: the price tag.
Open any admissions office pamphlet and you’ll find students lounging cheerfully in grassy campus spaces friendly, approachable professors chatting with small clusters of adoring undergrads clean, peaceful dormitories and constantly perfect weather. But that’s Hollywood-the schools themselves paint a different, but equally attractive picture. College is supposed to be fun, right? Hollywood sure thinks so: in movies like Old School, Legally Blonde and Accepted, it’s one-half wild parties, one-half intellectual and emotional discovery.
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