How much is $200k of debt?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Stonewall
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Joined: Thu Jan 27, 2011 1:19 am

Re: How much is $200k of debt?

Postby Stonewall » Sun Feb 13, 2011 11:54 pm

DeeCee wrote:OP, please think long and hard about your goals and if they align well with 200k in loans. Taking out that much money on a degree is something you must be sure about and feel confident that you can handle. I believe it translates to somewhere close to 2700 or 3000 a month in loan payments, which is a scary proposition if you don't end up in biglaw.


I haven't taken out loans for LS yet, is there only a 10yr limit on payments or can you do 30. What is the normal amount of time? (I will only have 80k in loans)

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DeeCee
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Re: How much is $200k of debt?

Postby DeeCee » Sun Feb 13, 2011 11:57 pm

Stonewall wrote:
DeeCee wrote:OP, please think long and hard about your goals and if they align well with 200k in loans. Taking out that much money on a degree is something you must be sure about and feel confident that you can handle. I believe it translates to somewhere close to 2700 or 3000 a month in loan payments, which is a scary proposition if you don't end up in biglaw.


I haven't taken out loans for LS yet, is there only a 10yr limit on payments or can you do 30. What is the normal amount of time? (I will only have 80k in loans)


I'll yield this question to someone with LS loans, but I believe the repayment periods are 10 and 25 years. If possible you should always pick 10 because you will save thousands in interest.




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