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Loan For Student

Byron Said:

How much would a monthly payment be on an $80,000 student loan?

We Answered:

Your monthly payment will be based on your status as a student and what kind of loan(s) you have taken out.

Stafford loan rates are determined according to if the student is in school/in grace, or in repayment. The in school/in grace rate is .6% lower than the in repayment rate. Also, if a Stafford loan was issued before June 30th, 2006; those loans have a variable interest rate which changes from year to year.

Perkins loans interest rates are always fixed at 5%.

In addition, if you do not consolidate your federal student loans, you are automatically set up on a 10 year repayment plan.

So for $80K in federal student loans, assuming your are in repayment status, and have taken out Stafford loans all issued before June 30th 2006, monthly payments would be about $934 a month.

Consolidating your federal student loans, not only saves you a significant amount of money on your monthly payments, but also resets your forbearance and deferment privileges.

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