If you took out a loan of $5000 for 4 years how long would it take you to pay this back after college? It all depends on what type of loan you take out. A government subized loan will take out a certain amount of interest or APR. With all of these interest cost you have to payback more than double what you have taken out. With a non- subsidized loan you have to pay it back while you are still in school or the interest will accumulate. A credit union loan is more flexible and you can take as much money as needed with a set plan for payment. these loans cant be payed until 6 months after graduation. You can reduce your interest by paying early. The APR on a student loan is 3.25%. Using the formula A=P(1+r/n)^nt
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November 2015
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