Student Loan Budgeting Ashley Johnson

Hypothesis If I were to complete school in June of 2017 my total amount owed is $34,380. The interest rate is 4.29% and at $352.84 per month payments for 10 years I would pay off my loan by June of 2027.

Tuition and Fees Research shows this degree should take 2 years to complete as a full time student. If a student does not have to go longer for this degree the total cost of tuition and fees would be $34,380.00. The cost of books and other supplies would be $3,600. There are no other costs shown with this degree. $34,380.00 + $3,600.00 = $37,980.00 Thus showing that it will cost a student $37,980.00 once they complete this degree program if they finish within the 2 year period it should take them.

And the interest paid decreases. In this slide you see if you pay off the loan in 8 years rather than 10 your loan payment increases And the interest paid decreases.

Salary for Police Officers Police officers average $57,770.00 annually. This can change depending on the state you live in and what jurisdiction you choose. If you are making $57,770 a year you are making $4,814.20 a month (rounded to nearest cent), which means you make $1,203.54 a week (rounded to nearest cent) and that concludes that you make $30.10 an hour (also rounded to nearest cent) When deciding on a reasonable payment plan for yourself you must make a budget of your money and decide how much you can fit into your monthly budget based on all the other bills you may have. If I were to look at this loan plan from a personal stand point, I would not be able to afford either payment. I would need to extend the loan. I have a lot of monthly bills I pay so working in the student loan is going to be a challenge. That is if I kept the job I have now, however if I was able to get a job as a police officer the first payment would be more reasonable. However, it may not be as easy to get a job as a police officer and other obstacles may come into play.

References My personal loan and financial aid profile (1) Based on the average annual wages of all occupations in the Standard Occupational Classification (SOC) System Source: U.S. Department of Labor, Bureau of Labor Statistics, National Occupational Employment and Wage Estimates, May 2008. (http://www.bls.gov/oes/home.htm) - See more at: http://discoverpolicing.org/why_policing/?fa=financial_stability#sthash.Ra EJw7yz.dpuf