STUDENT LOAN BUDGETING AMY HORTON BRYANT AND STRATTON APRIL 7, 2015.

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Presentation transcript:

STUDENT LOAN BUDGETING AMY HORTON BRYANT AND STRATTON APRIL 7, 2015

Hypothesis This project will help me create a budget for myself for after I graduate and help me stay on track to get my student loans paid off in the most efficient way that works best for me.

Annual Salary  The average salary for a medical assistant in Rochester, NY would be $32,309  After 20% taxes are taken out the remaining balance would be $25,848  My monthly take home pay would be $2,153.93

Monthly costs Monthly cost How much I spend per month Food$ Housing$ Cell Phone$40.00 Medical$20.00 Car Insurance$ Gas$ Entertainment$ Total Monthly Expenses:$

Paying off student loans  It is smart to consider paying off your student loans as early as you can.  By paying a little more today, using extra cash from your monthly budget, tax refunds or bonuses, could benefit you for the rest of your life down the road.  It’s important to make payments on time to build your credit history. Delinquency and default can negatively affect your position to borrow money in the future.

Consequences of not paying loans  Your loans will be turned over to a collections agency.  You can be sued for the amount of the loan.  Your wages can be garnished.  Your tax refunds can be intercepted.  You'll lose social security benefits.  Your credit will be damaged.

What I will owe  At the end of my semester I will owe $15,000 in unsubsidized. I got this number by figuring out what I owe per semester ($3,750) and multiplying it by 4 semesters.

Desired Monthly Payment

What I learned  It would be in my benefit to pay off my student loans in 5 years because I would be saving $1, in interest.  I will be paying more monthly, but saving more money in the long run.  I will have to be very careful not to go over my budget every month but it will all be worth it in the end.

References  Klosowski, T. (2015). How to manage a student loan. Retrieved from loan4.htm  Pay off your loans early. (2015). Retrieved from early/