Mathematics – Jacey A. Lichon Student loan project Mathematics – Jacey A. Lichon

Introduction In this project you will learn ways and things I will use to help myself pay back my students loans I got while going to Bryant & Stratton College to get my Associates Degree as a Medical Administrative Assistant. You will learn there are many ways you can change your spending expenses to pay back your student loans.

Hypothesis 1. Will your student loan monthly payment fit into your budget? After going through my bills and other expenses I will need to cut down on eating out but my overall monthly budget of $2,002 will be enough to pay my monthly student loan payment of $150.

Working in Murfreesboro Working in Nashville Starting Salary $32,059 https://www1.salary.com/TN/Nashville/Medical-Assistant-salary.html Working in Murfreesboro Starting Salary $31,987 https://www.payscale.com/research/US/Job=Medical_Assistant/Hourly _Rate/17ab8a57/Nashville-TN Estimated starting salary 2: $31,987 Estimated starting annual salary (average of the two salaries above): $32,023   Estimated starting monthly salary: $2,689   Estimated net monthly salary (after taxes): $2,002

Monthly Budget of $2,002 BILLS EACH MONTH COST OF BILLS Food $300 Gas $150 Household Products $20 Rent $550 Verizon $130 Internet/TV $115 Credit Cards $250 Car loan $230 Student loans TOTAL $1,895

My student Loans $2,400 09/19/2018 $10 $1,800 $0 $5,560 01/24/2018 TYPE OF LOAN LOAN AMOUNT LOAN DATE DISBURSE AMOUNT OUTSTANDING PRINCIPAL OUTSTANDING INTEREST Direct Stafford unsubsidized $2,400 09/19/2018 $10 Direct Stafford subsidized (Sula Eligible) $1,800 $0 $5,560 01/24/2018 $156 (Sula Eligible $3,500 $4,450 08/30/2017 $229 TOTAL DIRECT STAFFORD UNSUBSIDIZED $12,410 $395 TOTAL DIRECT STAFFORD SUBSIDIZED (SULA ELIGIBLE) $8,800 TOTAL ALL LOANS $21,210 Interest rate for all my loans is 4.45%.

LOAN AMORTIZATION SCHEDULE   ENTER VALUES LOAN SUMMARY Loan amount $21,210.00 Scheduled payment $219.82 Annual interest rate 4.50% Scheduled number of payments 120 Loan period in years 10 Actual number of payments Number of payments per year 12 Total early payments $0.00 Start date of loan 12/17/2018 Total interest $5,168.05 Optional extra payments LENDER NAME Woodgrove Bank

Loan payment breakdown Total loans to pay back: $21,210 Interest: 4.5% Monthly Net Income: $2,002 Monthly Student loan payment would be a minimum of $219.82 a month to pay the loan completely back within 10 years.

You can choose a shorter repayment term so you can pay off your loan faster. The downside is that you give up protections like deferment of income-based repayment plans on the loans, which puts you at risk if you lose your job and cant afford your students loan payments for a while.

OPTIMAL MONTHLY PAYMENT ON THE BILLS Rent $550 Verizon $130 Internet/TV $115 Credit Cards $250 Car loan $230 Student loans $150 Knowing what your optimal monthly payment is because it allows you to know the minimum payment due or if you want to pay extra you can.