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The document discusses how to determine how much to borrow in student loans based on expected salary after graduation. It provides a table comparing monthly payment amounts and total interest paid for different loan amounts, interest rates, and terms. It also shows examples of different financial aid scenarios for four students, including scholarships, grants, family contributions, total aid, loan amounts, and number of years to pay off loans.

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mcnultyc12
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44 views2 pages

21 Sheet1

The document discusses how to determine how much to borrow in student loans based on expected salary after graduation. It provides a table comparing monthly payment amounts and total interest paid for different loan amounts, interest rates, and terms. It also shows examples of different financial aid scenarios for four students, including scholarships, grants, family contributions, total aid, loan amounts, and number of years to pay off loans.

Uploaded by

mcnultyc12
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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How much should I borrow in student loans, when I know my salary upon graduation?

Payment Amount Borrowed Interest Rate Term What type of loan $200.00 0.05 0.06 0.07 0.08 0.09 0.1

$200.00 -10100.3987 7% 60 should I take out, for how long, what interest rate? 24 36 48 60 $ 443.12 $ 302.72 $ 232.61 $ 190.61 $ 447.66 $ 307.27 $ 237.21 $ 195.27 $ 452.22 $ 311.87 $ 241.87 $ 200.00 $ 456.81 $ 316.51 $ 246.58 $ 204.80 $ 461.43 $ 321.19 $ 251.35 $ 209.67 $ 466.08 $ 325.91 $ 256.17 $ 214.60

$ $ $ $ $ $

82 145.67 150.45 155.33 160.30 165.36 170.51

Financial Aid Scenarios


Shcolarships FAFSA money Help from family Total Aid $ $ $ $ 8,000.00 10,000.00 10,000.00 28,000.00

Financial Aid Scenarios


Scholarships FAFSA money Help from family Total Aid Name Brian Ali Lori Larry $ 2,000.00 $ 5,000.00 $ $ 7,000.00 Total Loan $ 20,000.00 $ 25,000.00 $ 1,950.00 $ 12,000.00 Paid Off? Yes No Yes Yes Years Paid 12 1 9 8

McNulty McNulty Zarzecki Kinney

Used Goal Seek to find how much I should take out in student loans. Builded a data table comparing different types of loans Creared scenarios based on best case and worst case financial aid from various sources. Used the Text to Columns feature to separate first names from last names (keeps the consistency) Used the Auditing feature to trace dependents and arrows.

the consistency)

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