1. Record the results.
Average federal student
loan balance
Average interest rate
To learn more about student loan repayment options,
www.consumerfinance.gov/askcfpb/621
visit:
Calculating the monthly payment and total to be paid
on the loans
Jamilla wants to pay off her loans as fast as possible. (She isn't eligible
for the Public Service Loan Forgiveness
program.)
2. Starting on the "Repayment Goal" page, enter Jamilla's information
and record the results
.
Monthly
payment
Total to be paid
(Principal plus interest)
Paid off by
(Total number of years)
Reducing the total loan cost
Jamilla believes that the quicker she can get out of debt, the more money she'll have
for other things in life. She wants to try to reduce
her federal student loans' total cost
(principal plus interest) by paying more than the
minimum required payment each
month. Jamilla is considering paying either [tex]$30
or $[/tex]75 extra every month.