sanpiero wrote:Assuming a T14, I think a better (more conservative) choice would be a salary of $120k but we'll run with 135. After SS, state tax, federal tax, and local income taxes, I think you'll net about 65% (23% federal, 4% state/local, 7.65% SS), or ~$88k. Assuming low expenses (~$23k), this leaves you about $65k.
210k debt @8% (150k @ 8.5%/60k @ 6.8%)
3 year repayment: $79,000/yr
4 year repayment: 61,500/yr
5 year repayment: 51,000/yr
Looks like 4 years is doable on a strict budget (see: no tropical vacations). 3 years would be virtually impossible w such a salary. Even if you lived like a student and found a market-paying gig (160k), 3 years would be extremely difficult.
This is what I approximated too, so it seems like 4 years is doable, depending on your self-discipline with finances. 5 years is probably more feasible, as someone pointed out it would be prudent to amass some financial cushion with 3-6 months salary in savings.
Also, just to clarify what I said earlier, I wasn't suggesting locking oneself into a strict 5 year repayment schedule, even though I don't think you can even do that with Stafford and GradPlus. I meant that assuming you want to pay it off in 5 years, this is roughly what it'd take.