Math Project quantitative reasoning Selina Rose Math 201 04/18/17
Introduction Slide The purpose of this project is about the cost of repaying are student loans with in a 10 to 45 years, with the help of having a budget and what your expected salary would be in your chosen career. As you read this power point you will see how to do it paying back your student loans.
Discussion of Student Loans Slide 1 The other options other then student loans is you can get scholarships to help pay for you college education. The less money you borrow the less you have to pay back. There is a lot of thing out here to help people pay for college instead of getting loans to help them pay for school.
Discussion of Student Loans Slide 2 Discuss the importance of repaying your student loan obligations. To default means you failed to make your payments on your student loan as scheduled according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan. If you are having trouble making payments on a loan from the William D. Ford Federal Direct Loan Program or the Federal Family Education Loan (FFEL) Program, immediately contact your loan servicer, the agency that handles the billing and other services for your loan. If you are having trouble making payments on your Federal Perkins Loan, immediately contact the school where you received your loan. Whether your loans are delinquent now or not, you should read our tips to help you avoid default. If you have defaulted on any of your federal student loans, take the following steps: Contact the agency that is billing you and explain your situation fully, then ask them what options are available to get out of default. Ask them to work with you and always stay in touch with your lender, loan servicer, or collection agency.
Expected Salary Slide My expected salary for my job as a Medical administrative assistant the two salary that I think that I would be making. The first source for my salary came from salary.com where an MAA makes an estimated $37,578 per year The second source for my salary comes from payscale.com where an MAA makes an estimated $35,761 per year The following equations demonstrate how I calculated my average annual salary based on these references. $37,578+$35,761 2 = $73,339 2 =$36,669.50 The estimated starting monthly salary : $3,055.79 The estimated net monthly salary after taxes: $2,291.84
Budget Slide Income Expenses SSI: $659.00/Month Rent: $639.00/Month Child Support: $458.00/Month Utilities: $96.00/Month Pay From work: $2,2941.00/Month Cell phone: $100.00/Month Cable:$180.00/Month Life insurance:$95.00/Month Student loan :$355.63/Month Total: $3,408.84 Total: $1,465.63 Net Monthly cash flow: $ 1,943.21
Future Value of Student Loan Slide 1 The payment options for paying back my student loans in a 10 to 45 years expanded as you will see on the chart on the next slide you will see what the future value and percent of how much you are paying back to in your student loans.
Future Value of Student Loan Slide 2 Principle Rate (as a decimal) time n (always use 12) Monthly Payment Future Value percent of interest 6000 0.05 10 12 63.64 8000 0.12 8 130.02 35524 0.0376 $ 355.63 $ 42,675.02 20% 9 $ 388.22 $ 41,928.12 18% 20 $ 210.80 $ 50,592.62 42% 25 $ 182.83 $ 54,850.01 54% 30 $ 164.72 $ 59,298.78 67% 35 $ 152.22 $ 63,931.79 80% 40 $ 143.21 $ 68,741.03 94% 45 $ 136.51 $ 73,717.75 108% 50 $ 131.42 $ 78,852.67 122% 55 $ 127.48 $ 84,136.12 137% 60 $ 124.39 $ 89,558.19 152% 65 $ 121.93 $ 95,108.95 168% 80 $ 117.12 $ 112,435.60 217% 70 $ 119.97 $ 100,778.51 184%
Conclusion In conclusion the optimal monthly payment I in 10 years will be a lot but with my cash flow I have I will be able to pay back my student loans faster because I can always make extra payment on my student loans.
References http://www.payscale.com/ http://salary.com/ https://studentaid.ed.gov/sa/repay-loans