Ugh. I'm not gonna pretend like I'm a finance major, but based on your analysis and what I was able to calculate using finaid.org, I just can't imagine being SO okay with paying back loans for 25 years! Assuming you're the same age as me, that means you'll be giving up close to 40,000 dollars of your salary a year until you're 50.
That's insane. I mean, I think the key here is to really look at the LRAPs and use that to help you decide cause that can make a HUGE difference since that's an option for you. And as far as ruling out GULC is concerned, from what I hear, they have one of THE BEST LRAP programs in the country, so I'm not really sure you should totally rule them out? But hey, maybe Chicago's is better. I really don't know much about them as a school (got WL'd).
My point is (I guess), that it is A LOT of debt to have at 25 years old, and god forbid you hate big law (for some reason lol
) with that much debt. Also know, that I got my financial aid stuff back from GULC recently and about half of my loans will be at the 6.9 fixed interest rate, and about half at the 7.9 percent rate. So assuming the higher rate, this is what finaid.org says about it
"It is estimated that you will need an annual salary of at least $252,517.20 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 1.1. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $168,344.80, but you may experience some financial difficulty.This corresponds to a debt-to-income ratio of 1.6."
Now I don't really know what all that means (music major), but it doesn't sound cute... Just sayin.