Right Major + Right College = Career Success - Helping you get where you were meant to be.
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

Do you have a holy eye-roller at your house?
Is your kid invisible after school?
What size college does your kid wear?
Hire a college advisor-really?
Junior Year is Critical

Most Popular Posts

Essay Topic: What will you contribute to our campus?
Got an IEP? Don't forget to take it to college.
Discouraging Words
Will Social Media Affect Your Child's Chances?
What to do when things change

Categories

Admission Decisions
Admission Essays
Adult Students
Campus Safety
Career Planning and College
Choosing the best college for you
College Admission Deadlines
College Admission Decisions
College Admission Essays
College Admission Tests
College application process
College Applications
College Buyer Beware
College Camp
College Choice
College Costs
College Entrance Exams
College Freshman Adjustment
College Graduation and Beyond
College Major
College Myths
College Prep
College Prep Opportunities
College Recruitment
College Scholarships
College succcess
College Transfer
Early preparation for college
Education Consumerism
FAFSA
FInancial Aid
Financial Aid and Scholarships
GAP Year and Summer Programs
Getting in....or not
Good advice
Grad School
Graduate to a Job
Highly Selective Colleges
IEP
It's all in the timing
Jobs
Kids Today
Learning Disability Accommodations
Maturity
Media Treatment of College Information
Money and College
MOOC
Moolahversity
Online College
Parent and Grandparent Support
Parent and Grandparent Support in the College Process
Parent and student relationships in the college process
Parenting Teens
Picking a college
Planning for College Success
Positioning Students for Success
SAT and ACT
Scholarships
Social Media and College
Start Planning Early
Student Development
Student Loan Debt
Student Loans
Student Posts About Their Experiences
Success Hints
Summer Activities
Summer college prep
Surviving fall semester fo the senior year
The College-Job Connection
The Junior Year
To-do lists
Transcripts
Value of College
powered by

College Talk Blog

So what does double student loan interest mean to me?

Anyone listening to the news or reading print media knows that student loan interest rates are set to double from 3.4% to 6.8% on July 1, 2013. The actual impact of that increase is less widely known.
For students who borrow the average amount of $23,000 and repay their loan over the standard 10 year repayment period, the impact is $4,598.98 in additional interest. That figure uses a repayment model in which the student pays his monthly loan interest that accrues while he is in school.
Student loan interest rates have been at 6.8% before (2006-2008). Regardless of the interest rate, there are 3 steps families can take to minimize the impact of student indebtedness at graduation:
  1. Pay the interest and loan fees while in college each year. Students who work full time over the summer can save enough money to be able to do this. Put the money in a separate account and pay the interest via automatic bank drafts each month.
  2. Plan to live a very limited lifestyle right out of college so that you pay off your loans early.
  3. Plan to make extra loan payments and save big on the cost of your loan and shorten the time you are in repayment. Optimally, a student could plan to live at home for 24 months after college graduation and work full time to pay his student loan in full.  If that is not possible, consider paying an additional $100.00 a month to reduce 3.4 years of the 10-year repayment term and save $1,470.49 in interest over the life of the loan.
 
For more information about student loans, look at the student loan calculator at www.finaid.org.
 
Copyright © 2013 Rambo Research and Consulting LL. All rights reserved.
 

14 Comments to So what does double student loan interest mean to me?:

Comments RSS
Student Houses Birmingham on Monday, June 24, 2013 3:25 AM
You have really helped several of individuals like me, who have been searching internet from past quite a long time to find detailed information on student loan. Thanks a lot for this wonderful information...
Reply to comment
 
replica omega on Saturday, September 14, 2013 1:39 AM
good article! i like it!


Rebuild Your Credit on Wednesday, July 03, 2013 6:13 AM
The blog was absolutely fantastic! Lot of great information find by me regrading student loan which can be helpful in some or the other way.
Reply to comment
 
rolex replica uk on Saturday, September 14, 2013 1:39 AM
Thanks for your nice articles. I like it very much.


Pam Rambo on Friday, August 30, 2013 1:29 AM
Glad to be of help. Best wishes to you with your education.
Reply to comment


motor vehicle accident lawyers firm on Friday, August 30, 2013 5:03 AM
Such quality content! I find this blog very informative regarding the student loans and related issues. I am waiting for your next post. Keep it up.
Reply to comment


motor vehicle accident lawyers firm on Friday, August 30, 2013 5:06 AM
Thank you for posting this great content that is useful for students. I was searching for this subject for a long time.
Reply to comment


professional motor vehicle accident lawyers firm on Friday, August 30, 2013 5:07 AM
I am happy to find this content very helpful and informative for me, as it contains lot of accurate detailing about the student loan, which I was searching for. Thanks a lot and good luck.
Reply to comment


motor vehicle accident attorney firm on Friday, August 30, 2013 5:08 AM
I am happy to find this content very helpful and informative for me, as it contains lot of accurate detailing about the student loan, which I was searching for. Thanks a lot and good luck.
Reply to comment


Fast Christmas Loans Bad Credit on Friday, September 13, 2013 2:47 AM
I’m extremely impressed with your writing skills and also with the layout of your weblog. Is this a paid theme or did you modify it yourself? Anyway keep up the nice quality writing, it is rare to see a great blog like this one nowadays.
Reply to comment


Bad Credit Personal Loans on Saturday, September 14, 2013 8:32 AM
Hey there! I know this is somewhat off topic but I was wondering which blog platform you are using for this site. I’m getting sick and tired of Word Press because I’ve had issues with hackers and I’m looking at options for another platform. I would be fantastic if you could point me in the direction of a good platform.
Reply to comment
 
Loans for Bad Credit on Friday, October 18, 2013 3:17 PM
I just want to mention I am newbie in weblog and honestly enjoyed your website. I probably tend to mark your site. Despite all come with incredible stories. With thanks for revealing your blog.


Industrial Real Estate Loan on Tuesday, December 24, 2013 12:12 PM
Never heard of that word double student loan.lol
Reply to comment


dennis on Monday, March 03, 2014 8:27 AM
nice one
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment