kappycaft1 wrote:Thank you all for providing more insight into this. So, just to make sure that I am getting the calculations right, if someone went to law school "at sticker" and paid $75,000 for COA per year, their breakdown would work as follows (hypothetically assuming that they didn't pay anything back for 6 years, starting from the end of their first year at law school):
End of Year 1:To Date Federal Direct Unsubsidized Loans: $20,500.00
To Date Federal Direct PLUS Loans: $54,500.00
To Date Interest Accumulated on Federal Direct Unsubsidized Loans: $1,394.00
To Date Interest Accumulated on Federal Direct PLUS Loans: $4,305.50
To Date Total: $80,699.50End of Year 2:To Date Federal Direct Unsubsidized Loans: $41,000
To Date Federal Direct PLUS Loans: $109,000.00
To Date Interest Accumulated on Federal Direct Unsubsidized Loans: $4,182.00
To Date Interest Accumulated on Federal Direct PLUS Loans: $12,916.50
To Date Total: $167,098.50End of Year 3:To Date Federal Direct Unsubsidized Loans: $61,500.00
To Date Federal Direct PLUS Loans: $163,500.00
To Date Interest Accumulated on Federal Direct Unsubsidized Loans: $8,364.00
To Date Interest Accumulated on Federal Direct PLUS Loans: $25,833.00
To Date Total: $259,197.00End of Year 3.5: - End of Deferment Period
To Date Federal Direct Unsubsidized Loans: $61,500.00
To Date Federal Direct PLUS Loans: $163,500.00
To Date Interest Accumulated on Federal Direct Unsubsidized Loans: $10,455.00
To Date Interest Accumulated on Federal Direct PLUS Loans: $32,291.25
To Date Total: $267,746.25End of Year 4:To Date Federal Direct Unsubsidized Loans: $61,500.00
To Date Federal Direct PLUS Loans: $163,500.00
To Date Interest Accumulated on Federal Direct Unsubsidized Loans: $12,901.47
To Date Interest Accumulated on Federal Direct PLUS Loans: $40,025.00
To Date Total: $277,926.47End of Year 5:To Date Federal Direct Unsubsidized Loans: $61,500.00
To Date Federal Direct PLUS Loans: $163,500.00
To Date Interest Accumulated on Federal Direct Unsubsidized Loans: $17,960.77
To Date Interest Accumulated on Federal Direct PLUS Loans: $56,103.48
To Date Total: $299,064.25End of Year 6:To Date Federal Direct Unsubsidized Loans: $61,500.00
To Date Federal Direct PLUS Loans: $163,500.00
To Date Interest Accumulated on Federal Direct Unsubsidized Loans: $23,364.10
To Date Interest Accumulated on Federal Direct PLUS Loans: $73,452.15
To Date Total: $321,816.26Does this math work out? If it looks okay, I am going to update the calculator to reflect the interest not to compound until 3.5 years have passed. I am also going to recalculate the origination fee based on
this.