Ballpark payment on an $85K school loan

[Belle5]

DS wants to marry a gal with $85K in school loans. I wondering if anyone can give me even a rough idea of what those payments might look like. Thanks!

 

[fletchers5]

probably close to $850.00 per month

 

[Belle5]

probably close to $850.00 per month

Thank you!

 

[LizinSTL]

DS wants to marry a gal with $85K in school loans. I wondering if anyone can give me even a rough idea of what those payments might look like. Thanks!

Depends on the kinds of loans...

http://www.collegeboard.com/student/pay/add-it-up/index.html

$22k in unsubsidized grad school loans will run me about $255/month.

 

[JamesMom]

Based on the numbers from http://www.finaid.org/calculators/scripts/loanpayments.cgi

at 6.8% interest she is looking at $1000 a month on the 10 year payment ($117,000 total payments) OR $550 a month on the 30 year repayment plan ($200,000 total payments). Either way not a pretty picture to start out married life. See if she is willing to do military or teaching in scarce areas or other skills that might get her some of that amount forgiven.

 

[Mom21]

Can't he ask her? I think depending on the loan the amount may vary. It is something they should discuss before marriage.

 

[Shleedogg]

That would be my guess ($850). I started with $45k and pay about $450/month.

My husband was saying that there is some new legislation (maybe just proposed, not sure) that would limit the amount of your monthly payment based on how much you earn. Unfortunately it won't grandfather in those of us who already graduated awhile ago, but it might help in your son's situation.

 

[Belle5]

It is something they should discuss before marriage.

We're starting that process...

 

[Kathi OD]

Depends on the kinds of loans...

http://www.collegeboard.com/student/pay/add-it-up/index.html

$22k in unsubsidized grad school loans will run me about $255/month.

This. It also depends on the interest rates of the loans.

DS has about 55K in unsubsidized undergrad loans. The payment is $410/month. His interest rates are 3.25 and 4.25.

 

[lillygator]

We're starting that process...

?? kind of odd to involve parents in private financial affairs. I'd be pissed if my future husband blabbed to his parents any of my financial info

 

[snowywhite89]

We're starting that process...

We??? Your the mom and you need to stay out of their personal matters.

 

[Belle5]

We??? Your the mom and you need to stay out of their personal matters.

And you need to stay out of something you know nothing about. I don't know what your personal baggage is with your MIL, but I have a fabulous relationship with my son and his GF and he wants our advice about some matters.

 

[lillygator]

can see the writing on the wall now....yikes!

 

[snowywhite89]

And you need to stay out of something you know nothing about. I don't know what your personal baggage is with your MIL, but I have a fabulous relationship with my son and his GF and he wants our advice about some matters.

You posted on a public message board.

 

[cglaura]

Does she know he's asking you all this? I can kind of see PP point, I think it is great he can come to you for advice, but if he is doing it behind her back (this conclusion only because you don't know the amount...), kind of seems a weird way to start a life together. I think if it is serious enough that he wants to marry her, stuff like this should be on the table already, then they can both get your advice. Personally, I'd be irate if someone discussed my personal finances without telling/asking me first, regardless of the relationship he/she has with the person being told. Just my thoughts

 

[Allison]

If they want your advice then she should just tell you what the payments are going to be. It's hard to know without knowing the interest rate and years of repayment.

 

[Belle5]

Does she know he's asking you all this? I can kind of see PP point, I think it is great he can come to you for advice, but if he is doing it behind her back (this conclusion only because you don't know the amount...), kind of seems a weird way to start a life together. I think if it is serious enough that he wants to marry her, stuff like this should be on the table already, then they can both get your advice. Personally, I'd be irate if someone discussed my personal finances without telling/asking me first, regardless of the relationship he/she has with the person being told. Just my thoughts

She has been here with us this weekend and we are all trying to put together a budget for their premarital counseling requirements. All is out in the open. We are trying to help them figure out some minimum salary requirements so they can make sure they don't accept jobs that won't pay the bills. Neither has graduated yet but my son is in the process of putting resumes out there.

 

[minushka72]

Did she check her loan paperwork? It should be listed what the repayment schedule will be.

 

[kimkoz]

Most colleges offer meetings on things like this for grads close to the end of schooling. Shows them ways to consolidate thier loans.

For us I'm about 25K - paying 177
DH is about 40k - paying 163 for more years

All depends on if she consolidates them, interest rates and years. Someone on the college level should be there to help both of them and know when to start filling out info and steps to prepare for life outside college and paying bills. Maybe this was more out in the open because my university was smaller but I'm sure if they look for the help they will find it.

 

[Belle5]

Did she check her loan paperwork? It should be listed what the repayment schedule will be.

Her paperwork is back at home. She is flying back there tonight. We were just trying to put some rough numbers together with them.

Thanks.