1. College Mathematics 201 G. Allen Monique Frazier
STUDENT Loan
College Mathematics 201
G. Allen
Monique Frazier

2. Overview:
This project is designed to start you thinking about how you will repay your student loans once you have graduated

3. Hypothesis
By the completion of my degree program in Medical Reimbursement and Coding, I will have total balance owed in my student loan in the amount of 17, with an interest rate of 6%. My monthly payment will be $ with a payoff date of March 2027.

4. ESTIMATED NET STARTING SALARY UPON GRADUATION
Job title: Medical Claims Specialist
State: South Carolina
Sources used to estimate salary (at least two):
Source 1: ) Salary (2017).
Estimated starting salary 1: 36,575
Source 2: indeed (2017)
Estimated starting salary 2: 31,290
Estimated starting annual salary (average of the two salaries above): 67,865
Estimated starting monthly salary: ,655.60
Estimated net monthly salary (after taxes): ,280.00

5. Budget Salary Entertainment $168 Food $200 Loans/credit cards $175
Budget Salary
Entertainment
$168
Food
$200
Loans/credit cards
$175
Personal care
$140
School costs
$975
Transportation
$430
GRAND TOTAL
$2,088

6. Estimating Student Loan
FED DIRECT SUB LOAN - OL
    $0.00
    $6,857.00
FED DIRECT UNSUB LOAN - OL
    $12,466.00
    -$827.48
SUB #2 FED DIR STUD LOAN-OL
    $4,452.00
UNSUB #2 FED DIR STUD LOAN-OL
    $2,316.00
FEDERAL PELL GRANT ONLINE
    $11,590.00
Charges:
$38,040.14
Credits and Payments:
$38,867.62

8. Future Value and Interest
Total cost of student loans in 10 years repayment period 61,571,54
Total interest paid in 10 years repayment period 19,271.51

9. Early repayment investigation
Conclusion: In 8 years- option, increasing monthly payment by $87.44, a savings of 4, in interest is accomplished. Remaining monthly payments not feasible
Early repayment investigation
Term in Years 8 6 4
Monthly Payment
$650.00
$700.18
$940.46
Future Value
$ 57,117.86
$52,986.35
$49,153.69
Interest Paid
$ 14,817.86
$10,686.35
$6,853.69

10. Identify what your optimal monthly payment would be
Identify what your optimal monthly payment would be.  Explain why this payment would be beneficial and realistic for you.  Describe how your findings from this project relate to your hypothesis from step 1. 
I feel that a feasible monthly payment for me would be around $ a month.  I think after bills and putting money aside for emergencies, such as my car breaking down, I could afford that much.
My hypothesis and my findings seems to be different . When I made my hypothesis, I did not realize that I would have such a high monthly payment. Now that I have fit it into my budget I realize I still can work the part time job I work now just for extra money. I know I can survive with that payment because my youngest is not currently in school this year and I will save on childcare fees.