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

2. 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.

3. 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.

4. Working in Murfreesboro
Working in Nashville
Starting Salary $32,059
Working in Murfreesboro
Starting Salary $31,987
_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

5. 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

6. 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%.

7. 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

8. 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 $ a month to pay the loan completely back within 10 years.

9. 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.

10. 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.