Looking for number crunching assistance
Posted: Sun Jun 26, 2011 2:56 am
Perhaps someone from Wharton or Stern might offer their opinion. Going to school in NYC. I have a sweet deal on housing, $5K. After scholly money, tuition will run $100K. Figure I will need to borrow another $75K over three years (if possible, three $25K annual increments). Not calculating any income for summer (hope it materializes, but for now, saying zero).
In 2014 I am estimating that my debt will be $175K. My optimistic crystal ball prediction includes a $150K Big Law position in NYC. Using the Harvard calculator (available on-line to everyone), the numbers worked out pretty close to what I personally calculated. I plugged in 35% taxes (hopefully that will cover Fed, state and city tax). The Harvard calculator reported, after taxes and debt service I would clear $6,344 monthly. Agree? Disagree? Close? Not Close? Eager for opinions. Many thanks.
In 2014 I am estimating that my debt will be $175K. My optimistic crystal ball prediction includes a $150K Big Law position in NYC. Using the Harvard calculator (available on-line to everyone), the numbers worked out pretty close to what I personally calculated. I plugged in 35% taxes (hopefully that will cover Fed, state and city tax). The Harvard calculator reported, after taxes and debt service I would clear $6,344 monthly. Agree? Disagree? Close? Not Close? Eager for opinions. Many thanks.