1. QSR Project by: Megan Hornberger

2. Medical Billing & Coding $34,970 Annual Salary for Florida

3. Monthly Budget Food$400 Housing$800 Utilities Gas, Electric & Water $150 Cell Phone$80 Internet/Cable$150 Clothing$200 Medical$200 Insurance Car, Health, Life $200 Miscellaneous Gas, Debt payments, Credit cards $300 Total$2,480

4. Student Loan Information Interest Rates for Graduate Loans:  Subsidized Stafford Loan: 4.29%  Unsubsidized Stafford Loan: 4.29%

5. Paying off student loans early Pros  Interest rate: The quicker any loan is paid off the less interest will accumulate  Paying loans early will provide more money a month  Lower debt to income ratio Cons  Without the money upfront then your only option is to pay the monthly payment  Some interest paid on student loans is tax deducible  Do not pay off student loans and drain an emergency fund

6. Hypothesis Eventually the time will come to pay off those student loans, it is a good idea to be prepared With a goal of how this is done. My goal is to pay off these loans as quickly as possible without hurting my ability to put money away. This can be done with a proper budget that would include all monthly expenses and student loans. I hope to pay off my debt in 10 years.

7. Total Loan Balance Subsidized Loan Amount $8,655.00 Unsubsidized Loan Amount $14,840.00 Total $23,495.00

8. Total Simple Interest Subsidized LoanUnsubsidized Loan I = P r t I = (8,655)(0.0429)(10) I = $3,712.99 I = P r t I = (14,840)(0.0429)(10) I = $6,366.36 Combined Interest: $10,079.35

9. Future Value Loan BalanceSimple InterestTotal Subsidized$ 8,655.00$ 3,712.99$ 12,367.99 Unsubsidized$ 14,840.00$ 6,366.36$ 21,206.36 Total$ 23,495.00$ 10,079.35$ 33,574.35 Monthly Payment $ 279.79

10. Desired Monthly Payment  Current Calculation: $ 279.79  Paying $200.00 a month during “grace period” monthly payment could be reduced to: $265.50  Would save me in interest: $514.80

11. References Federal Student Aid. (2015). Interest Rates for New Direct Loans. Retrieved from: http://www.studentaid.ed.gov/sa/about/announcements/interest-rate Medical Billing & Coding Organization. (2015). Medical Billing and Coding Salary Averages by state. Retrieved from: http://medicalbillingandcoding.org/salary/ The Fiscal Times. (2015). Pros and Cons of Paying Off Your Student Loans Early. Retrieved from: http://www.thefiscaltimes.com/Articles/2014/04/24/Pros-and-Cons- Paying –Your-Student-