Is there anything wrong with my assumption?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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baboon309
Posts: 341
Joined: Wed Oct 14, 2009 12:21 am

Is there anything wrong with my assumption?

Postby baboon309 » Mon Jan 18, 2010 1:11 am

I am trying to figure out how much debt I will have in 2013
I did some financial modelings in excel. It came out like this.
(Base on tuition+COL from Umiami) with 23k scholly

http://uploading.com/files/a75m7d33/Mia ... 2BTLS.xls/

There will be 9 separate loans from 2010 to 2013
3 of them will be subsidized Stafford loans with 6.8% interest rate, the other 3 will be unsubsidized stafford loans with 6.8% interest rate, and 3 different Graduate Plus loan with 8.5% interes rate. Interest will accrue on everything loans
except subsidzed loans.

The total debt came out to be ($124,411.94)
Under 10yrs repayment plan, I will be paying $1483.05 per month
25yrs repayment plan, I will be paying $927.56 per month

Any thoughts?

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Lomax
Posts: 249
Joined: Tue Jan 12, 2010 3:40 am

Re: Is there anything wrong with my assumption?

Postby Lomax » Mon Jan 18, 2010 6:10 am

baboon309 wrote:The total debt came out to be ($124,411.94)
Under 10yrs repayment plan, I will be paying $1483.05 per month
25yrs repayment plan, I will be paying $927.56 per month

Any thoughts?


Yes. That is a lot of money to be spending on attending the University of Miami on a scholarship.

I looked over your spreadsheet (though not too closely). Your numbers look good enough, for the most part. I think you might be underestimating in a couple areas. One is tuition - it is $38,012 a year now, and it was $32,820 a year in 2006. I would not be surprised if they were to raise tuition every year from now until Armageddon. Another is cost of living. You seem to be wanting to account for everything on this sheet, so $3,247 a year is not going to cut it for the "Personal" category, assuming that that includes everything not included elsewhere. Health insurance is a biggie, unless your parents have you covered. Also, what about summer expenses and accommodations? If you are going to be working as an unpaid intern, unless you plan on getting a second job during your stint, add on more for that.

At times like these I thank God for allowing me to go to law school free of financial worries. I cannot imagine having to make the decision to pay the cost of renting a decent apartment for 25 years for something entirely intangible that I would actually have to work my butt off for beyond that. You have my sympathy. But hey, maybe you will do well and get a great job and pay the loans off in two years and be glad that you went through the trouble.




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