1. I notice that the graph decreases a lot over time.
2. I wonder why the 1st year is higher than the 10th
I notice in this graph that the loan payment are higher in the beginning. I wonder why the interest payments and loan amounts balance toward the end of the graph.
I notice this graph is decreasing over time. I wonder why the interest payments and loan amounts balance toward the end of the graph.
1. I noticed that the loan balance increases within 5-10 years. I also noticed the amount of loan balances range from 0-40,000
2. I wonder if the loan balance increases with interest rates
Loan Balance Increasing?
i notice in this graph that the loan payment are higher in the beginning. I wonder if the student cant pay the tuition, how will the student pay. Loan balances changed throughout the year.
I noticed that people who earn the most money are able to pay off their student loans and people who don't have money ascent able to pay off their loans.
@caitlyn Great question
I noticed that overtime, the interest payments and loan amount start to balance out after about 7 or 8 years. Something I wonder is how would the loan and interest balance out if the values were higher or lower.
@Jasmine You made a good point with this question, because after some time people can finally pay their loans off, and accomplish what they wanted to do and be.
I noticed that the remaining interest payments go away after year 8 or 9.
I wonder if this is exponential and a 20 year loan payment would be proportional.
This graph is comparing the decline of the debt amassed by a loan and the interest payments that come with it .
Title: lost intrest
In this graph, I noticed that the tuition cost increases more over the years people study. I wonder if this makes people want to study less and get a better education because it makes them feel like it is a debt that they can never pay back.
I notice in the graph that the more you wait to pay off the loan, the more the interest is. I also see that the lower the graph gets as the years go by. I wonder why your 1sy year is higher than your tenth.
from what I have notice is that this graph can be used as a potential tool for people for who are new to student loans, and as well it also shows that people who gain a higher income can payoff their debts which is to be expected.
I do wonder however as to why their loans seemingly decrease "relatively" quickly perhaps it's due to the students occupation and job.
Are you interested into student loans.
I notice that loan amount payments are higher at first then as time passes by it balances out with interest payments. I wonder what if at one point a student can't make the payment anymore?
I noticed that when the expected debt is lower there is a smaller difference between remaining loan payments and remaining interest payments compared to when the expected debt is higher.
I noticed that when you raise the monthly payment the amount of time that it takes for you to pay the loan gets smaller.
I wondered why the lines get thicker and less thick when you raise or lower the term(year).
I would title this graph: why am I in debt?
I notice that there are two extremes in the world of paying off student loans. People either pay off their loans comfortably or they can't pay them at all since inflation has been a huge problem in recent years.
Student loan payments are higher at first then slowly balance out with the interest payments. I also notice that interest payments are financially better compared to student loans being higher than the interest.
I noticed that the remaining interest payments go away after year 8 or 9.
I wonder if this is exponential and a 20 year loan payment would be proportional.
This graph is comparing the decline of the debt amassed by a loan and the interest payments that come with it .
Title: "I'm losing interest"
I noticed that people who earn the most money are able to pay off their student loans and people who don't have money ascent able to pay off their loans.
1. I noticed that the student loan payment becomes close to equal at some point.
I wonder why would student loan payments become close to equal or decrease so quick
more or less income and student loans
I notice that the graph shown is a good tool to use for upcoming adults learning how to navigate student loans. I wonder how much student loan will increase throughout the years. The graph is "an insight to student life".
I noticed that this graph can be very beneficial to people looking to plan out their student loans. This graph can help calculate the monthly payments and total costs.
1. From the graph I can see that those who earn a higher income are able to pay off their student loan s rather than someone who doesn't have as much money.
2. I also notice that from the graph the higher you want to increase you monthly payments the less your interest rate will decrease and your payments for discriminatory income will increase by 20%
i noticed that the university of San Diego gives a much larger loan principal repetitively than the university of Los Angeles. is it because the classes are more expensive due to more majors? or is it simply because of the location? Loan principal of San Diego:$29,646 Los Angeles: $21,323
I noticed that every college ranging from State university have a significantly different loan principal from the UC. for example University of riverside has a loan principal lower than that of cal state San Bernardino. when normally you will expect that the UC will provide more money since their classes are most likely to be expensive
@Jose Rodriguez-serna
I agree with you there can be a lot of surprises
@Jose Rodriguez-serna
I agree with your statement Jose that you would expect a college that is harder to get to and better in education to provide more money to there students due to the fact that the are higher in rank then Cal State San Bernadino. you would expect them to have more money for there students also seeing that it is more expensive then the other college.
@Ron hi Ron Have you heard about the wonderful bennifits of Twitch prime if you have not you should follow twitch.tv/ttv_cookiemonster1 if you do you will get a life time supply of cookies NO SCAM!!!
I noticed that for the University of Santa Cruz I would be expected to pay $223.26 a month which is on the pricier side compared to San Jose State University in which SJ is cheaper and it offers the same majors as Santa Cruz. So I don't understand as to why the price changed, is it because Santa Cruz is more known.
@Arianna Probably, some schools will up payments from year to year to help pay for new facilities or house more students.
1. I noticed that for San Jose State University I would be expected to pay $210.46 monthly which is not bad for university but it's the fact that I would have to pay this within 10 years and that's what's the problem. What If at one point I can't make the payment anymore. Would I just be put up for collection?
@Arianna I agree with that. knowing me that i do not have a job that will be a good price. and if you add in the minimal wage. that price per month would be doable
This graph helps show an easy estimate of how much you will have to pay back in loans at various colleges. It helps determine how long it is going to take to pay them back and the amount of money you are going to need to make to pay them back sooner. This should be taught more in schools so that students can understand what they are really getting into when they decide on a certain college. The cost is often overlooked and some people can end up in debt for over half of their life if they aren’t careful.
I seem to pay much less than many people. I mean, that makes sense because it is so hard to get in. The most expensive I found was Dean College
@Greg they do this so they can find the person who's needs it badly.
There are 2 different colors
@cows go moo
what do color are the 2 different colors mean?
I think a good title for this graph would be "Loan Payments or Interest Payments: You choose." because depending on how fast you pay back your loans affects how much interest is added on to your payment. So it will be wise to be mindful on how you plan to pay them back.
1
HI, @Sianna Gideon --
Love that headline! It made me think -- "Loan Payments Now, Or Interest Payments Later."
Thank you for sharing your creative headline.
While entering an institution in the box i noticed that an out of state college is way more expensive than a college in California. I entered an HBCU and it would take about 20+ years to pay off everything. While a University in California, on the other hand, would only take about 10 years. Less if i decide to pay a greater amount a month.
As i did this, i started to wonder if an HBCU would cost the same price to go to if i lived in that area, or in that state. i also wonder if people who live out there know the benefits of it.
1
HI, @Ka.Haymond --
Interesting notice that a loan to attend a HBCU would take more than twice as long to pay off as a loan for a California public college. I wonder how the debt compares. Does it cost twice as much to go to a HBCU?
I noticed that the longer you take to pay a loan, the higher the amount of interest. Although the payments are smaller, you actually pay more or even double the initial payment you were paying back. That’s why I figure it is best to attempt to pay a loan back within 10 years to minimize the amount you end up paying and to get the loan out of the way without having it burden yourself for 30 years.
1
@Sianna Gideon i noticed that as well! overall i believe that the more you pay at the moment in the long run you will actually be paying less because the interest will just be adding on.
@Sianna Gideon
I agree with your comment Sianna that the longer it takes you to pay back your loan the higher your interest rate would become, which I hadn't know before. I would like to add that this increase in interest rate is also due to your estimated annual income. this will also decide whether or not how high your interest rate would be as well.
I noticed that the larger the loan is, the more income the person should be making. If the loan is expensive but people want to pay less, it will probably take longer. I wonder why the more prestigous schools do not have higher expected debts as they are normally seen as more expensive.
HI, @JSmith --
You wonder "why the more prestigious schools do not have higher expected debts as they are normally seen as more expensive." Can you give us an example that supports your claim? You may want to search online about prestigious school and see if there is some sort of tuition cap, above which the school offers students other support.
This graph was very helpful. It shows an easy estimate of how much interest in linked to a loan. It is quite significant and should maybe be taught in schools because most college students don't understand how these things work. If it was taught in schools, maybe there would be a smaller amount of students with college debt.
@Sarah Kearney, thank you for your observation. Can you think of a catchy headline for this graph?
@Sarah Kearney I agree that it is a very significant way to see what you will be paying. most teachers, or even administrators, don't let incoming college students know about this. the graph is broken down clearly and you have a better understanding of how it all works.
@Sarah Kearney I agree with your idea because many students go into college and take loans out without realizing the consequences that can come from it and have no idea on how to start paying it back.
We notice that the difference of almost 8,000 in interest is crazy!!! So for 10 years I'm gonna have to pay $304 a month! How am I suppose to have a life (buy Kendra Scott and Tommy Hilfiger) and still pay that. What about an apartment or house? This makes me think I need to stay with my parents for the rest of my life. I'm stressed now...
Good morning, @Creve C. --
It’s better to be stressed about college loans before you take them out than after you do.
Input some college loan structures and see how much you would need to earn to repay these loans. Then, take a look at U. S. Department of Labor Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/ooh/education-training-and-library/home.htm) to get starting salaries by occupation. Which jobs will support your college loan?
Maybe go back and restructure your college loans to get the monthly payment to what you think you can afford. Let us know how this going to affect your lifestyle.
i see various payments, I wonder what college these payments are for , but I think that these are correlated to college funds
@FUGAZY You would pick the colleges you want to see the college payments for.
@FUGAZY the payments are for colleges chosen by the student and they basically explain the price points and for what the money is paying off.
State schools cost more?
I noticed that the NH state colleges have much higher loan rates than schools like Harvard. The NH state schools have loans of 40k dollars or more. Harvard only had loans of about 20k. I was surprised at first, but I think that the reason that Harvard students pay less is because a lot of parents of students can pay.
3
Good morning, @Nate Decker --
It is very surprising that Harvard’s loan amount would be less than the amount for New Hampshire state colleges. I did a quick search online with “Harvard tuition” and found the reason why. Take a look.
@Nate Decker
yes state colleges cost more as seen by the higher loans in NH state schools compared to Harvard.
@Nate Decker I agree with what your'e saying but I also think it's because Harvard get's a lot of attention and with that being said people could possibly be donating money to the school reason as to why students don't have to pay much because maybe Harvard already has money and are helping the students out a little
I notice that if you are more wealthy you can increases your monthly pay and finish with paying college earlier then others.
1
@shaddy I agree, the only time you'll be able to pay off a high paying college is if you have a really good job, like being a doctor. other than that, it would take a really long time to pay off the money you owe.
We've had over a hundred responses this morning. Many of you are trying different loans and wondering about the outputs.
How about some headlines? We've got to come up with many that are more intriguing than College Loan Calculator.
@Moderator Sharon
I agree with that.
I noticed that when the expected debt is lower there is a smaller difference between remaining loan payments and remaining interest payments compared to when the expected debt is higher.
I noticed that when you raise the monthly payment the amount of time that it takes for you to pay the loan gets smaller.
I wondered why the lines get more thick and less thick when you raise or lower the term(year).
I would title this graph : why am I in debt.
1
I was confused when looking at this graph, since there are so many variables that could be changed. That was what I noticed, but I wondered why thee interest decreases faster than the remaining loan amounts.
My title is Dept Decreasing During Decades After Diploma
2
Title-what you'll have to pay.
I noticed that the famous schools are usally lower monthly payments.
I was wondering why they were lower payments and the less famous will cost you lots of money?
2
My Title is "look at your loans."
Cost and interest for different colleges.
I noticed that the interest goes up when the years go up. I also found that the loans are different for all the colleges. I also found if you increase the monthly payments, the time it takes you to pay decreases.
2
Good morning, @Andrew --
What a great summary of the effects of college selection, interest rate, and monthly payment size.
By changing the inputs, which has the greatest effect on how much you will have to earn to repay the loan: the interest rate or the monthly payment?
Please explain your answer to us.
Do You Have Debt?
I noticed that when your payment goes down your time period goes up. I also noticed that when your interest is up your time period goes up. I wonder how different it looks at different schools?
1
@Nathaniel I noticed this too and I believe that it is because by paying smaller amounts, you end up taking longer to pay it back. So now that the time its taking to pay back is prolonged, the interest rate has time to rack up. Does that make sense?
I wonder why some of the expensive collages have less student loans than than the less expensive collages.
1
Good morning, @Bridget --
Would you please give us an example of “expensive colleges have less student loans than the less expensive colleges?”
The example may give us an answer to your question. Thank you.
@Moderator Sharon when I looked at Harvard I saw that there were not a lot of student loans.
@Bridget I am also in agreeance with your wondering because when someone sees that a college is more expensive, they would expect students would take out more loans to pay for these expenses.
Notice: I noticed that in the graph, it shows the two different colors, representing the amount of interest to be paid off, and loan payments. I also found that you can change the amount of years, which school, etc, so you can see different data.
Title: The Cost To Life
Welcome to Wednesday's moderation of “What’s Going On in This Graph?” Today’s loan calculator, for a college loan you select, will show you an interactive graph with your remaining interest and remaining loan principal amount by year and other very useful information. Input either a college or expected debt, the interest rate, the loan’s payoff period (years to repay the loan), and voluntary early loan payments. See the total loan payments and how much you need to earn to support the college loan. Then, change the loan inputs and the calculator will show you a different set of outputs based on other loan structures.
From 9 am – 2pm E.T. today, give us your responses online to these three questions -- "What do you notice?", "What do you wonder?", and "What's going on in this graph?" Plus, share with us a catchy headline. On Thursday afternoon, we’ll reveal the article that included these graphs and much more. We look forward to reading your discoveries.
(The next “What’s Going On in This Graph?” will be released tomorrow -- Thursday, Dec. 17 with moderation on Wednesday, December 23. The topic – Are winters getting warmer? What have you noticed? What have you wondered?)
I noticed how the price rises when you keep waiting. Also, I noticed that the interest changes per state and college.
Good morning, @henry --
I noticed how the price rises when you keep waiting. Also, I noticed that the interest changes per state and college.
Thank you for sharing with us what you notice. Please give us an example or two that supports your claims that prices are rising and that interest changes by state and college. We look forward to reading about your insights.
@henry
I think that the reason this is because different banks and colleges have different interest rates and they need to pay taxes for their state so they might charge higher to their students to make up the difference.
@henry It is interesting to compare prices of college in and out of state
1. You can change all the factors of student loans and the interest rates and its a graph of student loans.
2. What if the interest rates were different
3. It is decreasing and shows how much money you'd need to pay under whatever circumstances you have
GVSU
I notice that as the monthly payments increase then the amount of time it will take to pay them off will decrease. I am curious if the interest rates will change in the future. The graph shows how interest rates, and monthly payments for different colleges.
1
Good morning, @Jacob Fidler --
If the payoff period (time it will take to pay off a loan) decreases when monthly payments increase, then why don’t borrowers make even larger monthly payments to get rid of their loans earlier? Take a look at the discretionary income you need to support a loan under different monthly payments. What do you see?
Nyla, Mark, and Dalaijah find it interesting how much interest there is on the payments. We find this information important to know for college.
Good morning, @Nyla Floyd, Mark and Dalaijah --
Interest is the cost of borrowing money.
How could you restructure your college loan to reduce the amount of interest you pay? Try a few structures, just changing one variable at a time to different values. Which changes the amount of interest paid most – changing the loan’s interest rate, term, or additional payments?
Report back to us on what you discover. Thank you.
USC, $280000, 5.05%, $500 a month
I notice the longer you wait to pay off debt the more it goes up.
I wonder how this system compares to other countries system.
This graph is showing the difference in paying off loans vs paying off interest.
Good morning, @Nate --
I think you have noticed something very significant. But please, would you tell us what you mean by “the longer you wait to pay off debt the more it goes up.” What is “it” and how does it increase?
Also, an online search may give you a quick summary of how students pay for college in other countries, including countries in which higher education is free. Please share with us what you find.
@Nate I think it is really cool that you wondered about other countries. I now wonder the same thing. Do they have the same system or a different system.
I looked at Hampton University, and the 10yr pay off period interest is 9 thousand dollars, but if I were to go higher with the pay period the interest would be more.
Good morning, @Shamya --
I have taken a look at Hampton University. The expected debt is $34,367. With a 5.05% interest rate and a 10-year term (the standard for public undergraduate loans), the monthly payment would be $365.36 and you should earn at least $40,131 annually to pay back this loan.
What job that you are interested in has this starting salary? You can go to the U. S. Department of Labor Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/ooh/education-training-and-library/home.htm) to get starting salaries by occupation.
Why is it that the debt is expensive as the tuition?
@Tamia, I am not 100% understanding your exact question, but what I believe you are asking is why the total price that you pay becomes higher than just the tuition. This is because unless you somehow pay your tuition right away, you will have interest added to your debt. If you have a longer amount of time to pay, it will cost you more. I hope this helps your question.
My cost of payment per month is low and I'm really glad about that so now I can plan how much money I need to make with my job.
HI, @CDUB --
Would you give us information on the college loan you put in the calculator?
Take at look at U. S. Department of Labor Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/ooh/education-training-and-library/home.htm) to get starting salaries by occupation. Which jobs will support your college loan?
i looked at duke and some other schools and i did not expect some stuff i saw
1
@zach
what stuff are you talking about
I notice that you can make the amount* insanely hight.
*Monthly payment
I noticed that the more time you wait to pay off your loan the more it will increase because of the interest. Even if you declare yourself in state of bankruptcy the student loan is the only thing that won’t go away so either way you will have to pay for that student loan.
3
@David
This is the exact reason we need to start a revolution, to change the ways of college pricing forever.
HI, @David --
Right you are that a longer term results in a more expensive loan.
Pick a college that you may want to attend and set the input variables. See what annual income you would need to cover the loan’s payments. By taking a look at U. S. Department of Labor Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/ooh/education-training-and-library/home.htm), you’ll see which occupations could support your loan.
What could you do to avoid bankruptcy?
I am in disbelief in how expensive debt and I think that college is overpriced and we need to start a revolution, so if you are with me let do something about this crisis.
1
Hi, @Stanford --
You say you are “in disbelief in how expensive debt” is. Compare the 5.05% interest rate to other interest rates, for example, auto loans and mortgages. Tell us what you notice.
How about a headline on the cost of debt with some evidence from the loan calculator?
@Stanford
I completely agree with you. College is more about how you can pay for it without being completely broke in the end rather than getting out and being able to start your life because once you are out you have to orry about paying off college debts while trying to make it on your own.
@stanford i agree that college is way too expensive and should be way less because if they want us to succeed why make it so hard to pay for.
1
It is interesting to see how much money I will have to pay when I go to college. It seems to me that the longer loans are much harder to pay off because of the interest.
First off where are the military academies, so then if you are in an academy you could know what you would have to do if you do not wish? This is very helpful to those kids.
HI, @Ryan --
Do a quick search of military academies and their cost to attend. You may be pleasantly surprised.
@Moderator Sharon
I know that the military is free, but I heard that if you leave and don't join up you have to pay which is $200,000 for your four years.
1. I noticed the interests rate needed to payoff are exponentially high at the beginning and gradually decrease over the years.
2. In addition, I noticed that the expenses for obtaining a college education is increased by 20% due to interests and that's not even including the other daily costs of going to college.
@E. Aguilera I also noticed your first thing, and with that I wondered why the two prices didn't meet at the x-axis, bu the interest dipped below before you finish paying for your regular loan.
To pay off the loan seems to be the better choice because although the monthly payment is higher the end result will be less.
1
@Andres G.
Yes but if you don't have all the money to pay it quickly, you have to pay less per month.
1. I wonder if the system that is set in place between those who issue loans and colleges is purposefully made to be able to take advantage of low income families as they are the ones unable to pay off their debt quickly unlike high income families and as a consequence, have to pay far more in interest.
2. I noticed that if a student is able to pay off more than the set amount that they are supposed to pay each month, they should do it. This is due to that the amount of interest that they will have to pay in the future will be dramatically reduced if they pay off as much of their loan as they can and as fast as they can.
1
Good morning, @RamonB --
The 5.05% interest rate and 10-year term loans are for federal (public) undergraduate loans and have upper limits on income eligibility. Also, there are Pell Grants that need not be repaid. There are other private college loans that may have higher interest rates. The calculator can incorporate their costs, too. Go to the U.S. Department of Education Federal Student Aid website (https://studentaid.ed.gov/sa/types/loans/interest-rates) to learn more about federal student loans.
To be able to go to UCLA I would apprx. have to pay 47,000 dollars, instead of the 37,000 dollars i took out with a loan. To pay almost 400 dollars monthly. It's is no joke on how expensive, not only college but life is because the interest I pay on the loan is apprx. 21.6% of my total payment. Corporate banks, THIS is how they get their money.
HI, @Japheth Sandoval --
Take another look at the College Loan Calculator. When you input the terms of the loan, you will see in the lower right corner the amount you will need to earn to support this loan.
Now, take a look at U. S. Department of Labor Bureau of Labor Statistics Occupational Outlook Handbook (https://www.bls.gov/ooh/education-training-and-library/home.htm) to get starting salaries by occupation. Which jobs will support your college loan?
How about a catchy headline that captures the main idea of this graph? Please share it with us.
In Order to attend the University of Oregon, I would need a loan of about $25,542. I would be paying $271.54 , and It would be payed off in 10 years.
@Michael M., try entering different values for time to payoff (or other quantities) to see if you notice or wonder anything.
To attend the University of Southern California, I would have to receive a loan of about $27,882. My monthly payment would be $306 dollars and I would most likely be able to pay it off in nine years. Overall, I don't think a debt like that is at all worth it.
HI, @I. Lara --
Why do you say that the $27,882 loan is not worth it? What other options could you have? Try these out in the calculator and compare the results.
I wonder if college students prefer to pay for their loans in a longer term and pay less monthly rather than pay off their loans in a shorter term like 5 years or less and pay more monthly.
@Ivette, try putting different values in for time to payoff to see if you notice or wonder anything.
What I noticed about this graph was that when you add more years, you pay less every month but there will be more of a total to pay off. For example, I added 6 years instead of 5 years for University of California, San Diego and noticed that the total of the loans went up higher by a $1,000 but is lower for the monthly payment.
@Ivette, does your observation cause you to wonder anything? Or perhaps could you come up with a catchy headline for this graph?
I feel tired, and worried about all this debt I will get. At least is a invest in my life.
@Jose Veliz In my class today we discussed the "scary" reality of loans but they are actually nt that scary once you realize that the interest doesn't start until after you graduate and by then you will be able to get a good paying job based on your major. So definitely make a good choice on what you plan to study. Good luck!
1. Cornell University over a 10-year span at a standard 5.05% interest rate will cost a monthly payment of approx. $250. If I was to get a well-paying job at 50k, for example, I can potentially increase my monthly payment by about $300.
2. "COLLEGE FOR THE RICH?" If there is anything that I notice, it's the fact that the innate nature of interest rates that encourage wealth gaps. Obviously, if you were to pay off the debt early off, the total value will barely increase; however, if this debt was to be paid off over a long period of time, the total value will increase dramatically. Therefore, the upper class will be paying far less for their tuition than those who earn much less than they do. This leads to the question of what other benefits does the higher income individuals receive?
I agree that the system that s set in place seems to favor those with deeper pockets as they do not suffer the consequences of high interest rates as much as those with low incomes do as they are able to pay off their loan before said consequences affect them.
This infornational is an great eye-opening graph that reveals the background about relevant statistical concepts of the national average for bachelor’s degree recipients at public and nonprofit colleges who graduated in 2017 with debt.
@Sarah
I agree, this graph really puts into perspective on how much students will need just to further their education.
@Sarah, @E. Aguilera, can you think of a catchy headline for this graph?
I noticed that when looking the University of California- Irvine, the monthly payment would be around $219.30 a month over the 10 year term and the 5.05 % interest rate. Yet, by increasing the payment by one-hundred dollars, I could be finished paying off the debt in six years and four months. It is important to look at the different options that one has when making payments so that it can be a faster process into getting the loan paid for.
@Edith Cervantes, can you think of a catchy headline for this graph?
I wonder if spending extra for the monthly payment is worth it in the end because, though it takes less time to pay off, you're spending more money in the meantime.
@AniiyahW I agree with you Aniiyah because I have noticed the same thing and wonder if the students prefer this rather than spending less but more years added.
To be able to go to UCLA my total would be 36, 549 dollars with a monthly plan of 304.58 dollars for 10 years. I would probably do a longer plan just so that I wouldn't have to pay so much right after I get out of college.
@Janeth, did you try changing the payoff time to see how it affects what you would owe?
I feel that colleges (except from receiving scholarships to) are part of an indirect scam towards its future students. The colleges charge students a certain expensive amount already (avg. $28,650) and students think that this is the only amount they pay, but if they cannot pay this much right away (most can't) they would have to take up loans, after taking loans, they are charged with interest then students would eventually have to pay an extra thousand or two from their original advertised price. An average amount to pay per mount for a student loan over a 10 yr period is around $300. I feel that students are essentially trapped financially when they decide to go to college. I am not by any means against going to college I just want to discover better and efficient ways of doing so. Rather than paying 300$ a month for some classes you took about 7 years ago and alternative would be to enlist in the military and afterwards the military will completely pay for your college. You would still receive the same education while not worrying about paying for it.
For an expected debt of 45,00 with a +10% monthly payment and a 15 year term it would be $367.03 per month. Its a good idea to get a loan in which you can pay off in small payments. It would also help if you have trouble finding a job afterwards.
Truth be told, the question most if us might be asking here is, How many people are looking at this site, only to find that their dream college is far out of their price range,and have decided to pressure other careers? How far can the fear of student loans effect college applicants physiologically?
The amount of time that is taken off if the monthly payments are increased by ten dollars instead of five is very shocking.
For California State Polytechnic University, my loan would $22,404. My monthly payments would be $238.18 a month. It would take me about 10 years to pay off, which would be doable when i work hard during and after college to finally pay it off. The loan would be able to cover some of my tuition.
For University of California of Los Angeles, the principal loan would be $21, 323 but with the interest, it would be a total of $27,202 and one will be able to pay it off in 10 years.
1. I’m curious as to why public universities in California are relatively cheaper than universities in Pennsylvania.
2. I wonder why some Cal States such as Cal State San Bernardino are more expensive than UC’s such as UC Berkeley.
When looking at the institutions of the University of California- Irvine and California Baptist University, both universities have around the same amount of expected debt even though one is a private university and the other is public, making one more expensive than the other. However, if they are both around the same, then how is it that at CBU, about 77% of the students who begin and complete their undergraduate studies graduate with debt and at UCI, about 59% of the students graduate with debt?
1) According to the graph, private universities tend to have students with a higher average student debt at college. For instance, students at the private California Lutheran University have an average debt of $32,030; in contrast, students at the public University of California-Berkeley have an average student debt of $18,789.
2) When it comes to paying back the loan, the first payments contain a higher percent of money that is directed to interest rate instead of the actual debt. I think that this is because borrowers do not want to risk their profit by no means. Therefore, they try to get as much profit from the interest rate as they can in the first years so that they do not lose any money.
I also noticed that interest is more prioritized in the first payments of a loan and is most likely due to the ones issuing the loans wanting to turn a profit in case their client is able to pay off the loan quickly.
How does the United State's educational student loan system compare to that of others? Australasia, and Germany have different systems for student loans that lowers the cost more substantially then the U.S,especially with the prices of undergraduate degrees.New headline *The United States economy is in trillions of debt forever, therefore our academic students should be too.*
Given the average projected time taken for student loans to be paid off, how should students prepair to pay for their education? What is the likely hood of paying off loans under the ten year mark, and how can students achieve this?
I wonder how come all the schools are so different? I mean I can understand Cal States, UCs, Private University's and out of states but the Cal States are so different so I cant help but wonder why and how come no one has done anything about that?
1. When monthly payment is increased the amount of interest payments goes down, such as Cal Poly Pomona has a higher monthly payment rate if you choose to increase; but has a shorter payoff period.
2. With the shorter payoff period can lead students to struggle to pay the loans that they still owe.
Obviously, adding more money to the monthly payment decreases the time span and interest which is beneficial to everyone paying off loans. By having an interest rate, is it even worth adding more money to the monthly payments? Is it beneficial or a waste of money/time?
The school I choose is California state university San Bernardino. For that college I will need to get a loan of $22,452 annually. In an estimated time. To pay off this loan it will take me 10 years to have it fully paid off. I will need to earn a monthly payment $238.69 in order to have this loan paid off in 10 years. However, if I raise my monthly payment by 100 I will have this loan paid off in 6 years and 6 years if I have a monthly payment of $338.69.
My wonder is why the interest is higher at the beginning of paying off the loan. I’m curious as to why the graph for the remaining of the loan amount payments curves and the remaining interest payments does not curve, but just remains decreasing constant.
1. This graph shows how college loans can take years to pay off and can have a serious effect on people's lives. The graph shows 10 years is an average time to pay off college loans, and it is a great burden that is placed on these people.
2. With the University of California Riverside, my loan principle would be $21,838, and the payments for 10 years would be about $232.16 per month. In order to pay off the loan in 7 years, I would have to pay $312.16 per month, which is an $80 increase per month. This has a major impact on people because the only way to reduce the number of years to pay off their loans is to majorly increase their monthly payment.
@Tara F. I agree with you Tara because paying off college loans can mess up a person's life because they are in debt for so many years.
For University of California San Diego, the total loan is $27,849 and the monthly payments would be $232.07 which would be fine with me because I will be working hard to earn enough money for me to cover my fees and where I will live at. Also, if i increase my monthly payments to $100, it would take my 6 years and 6 months to pay it off which means it is better than paying off loans for 10 years.
1) I noticed that even as I tried to keep the monthly payments the same amount with every scenario, the scenarios with longer loan terms always had the longest payoff periods.
2) In this graph, the dark blue represents the loan principal and stays constant, while the light blue represents the end total which varies as the monthly payment is increased or decreased.
For San Diego my loan would be $21,830 and my payments would be approximately $232.07 a month for the next ten years. This loan cold pay for my college text books, as well as tuition. However, I don’t really plan on taking loans out, but instead applying for fasfa
For The Berklee College of Music it would be a $48,331 loan principle. What i noticed is when the student loan adviser said ideal the annual income should be higher than the loan I thought about the income of a musician which is around ten thousand less than the loan.It made me wonder if a musician actually needs to do school since musicians can be self taught. I wonder what would be the difference in a musician who spent all that time learning in school verses the musician who spent all that time working and practicing, which person is most likely to succeed?
For University of Southern California my loan total would be about 27,882 with monthly payments of about $306.41. This would make my payment period a total of 9 years and 7 months. I feel that i might take out a loan of a smaller amount so that i could pay it back in a shorter amount of time. However it all depends on if i have a stable source of income that would support the monthly bill for the loan.
For the University of California, Los Angeles, I would have to take out an estimated $21,323 in loans and pay a recommended $226.68 a month over a period of 10 years. I feel like by upping the amount I pay each month, I decrease costs overall because there's less years for interest to compound over. There's a significant difference in total interest from a ten year period to anything below a 5 year period, for example. By increasing the cost per month, you decrease the total cost, it seems.
In PRATT institute the Total amount of tuition would round up to be a total of 46000 $ which is completely observed because that is a monthly payment of 380 dollars and I would constantly pay that amount for 10 years which is 120 payments of 380 dollars.
The Metropolitan College of New York is one of the highest percentage schools whos students begin and complete their undergraduate studies with debt. I wonder if there was a way to effectively get this 95% down to a more average number.
In UC Berkeley, many students if in 10 years term have to pay approximately $276.41 monthly and in total they owe about $33,169, however, in this graph it shows how if you increase the amount you pay monthly, you are able to pay off your debt faster. But it is not that simple because you can’t just increase but a couple dollars, it has to be at least 100 more dollars to meet the curriculum where a student will see themselves able to pay the debt in a short amount of time. One has to increase to pay everything off
--I wonder how much money a student has to earn at a job that will not only pay his debt monthly but also support them in other occasions and how much money annually will they have to make exactly? It is hard to pay this amount of money because not many jobs are willing to pay a student a lot.
A possible title for this graph could be "Debt got your tongue?" because the amount of debt that people accumulate during their stay at their university of choice is so high that finding a well paying job directly after university is on the brink of a must. If someone had decided to even attempt to take a short breather after the intense final exams that determined whether or not they graduated then the debt would already be breathing down their neck. For example the average debt for someone who attend California State Polytechnic University Pomona is around $22,404 and to be able to pay off that loan in around 6 and a half years with a relatively decent interest rate of 5.05% that person would need to make at minimum almost $40000 a year to be able to live a comfortable lifestyle. And to live in California on $40000 a year is not enough to live a comfortable life while maintaining a proper credit and paying all the bills such as rent, car, water, gas, electricity, car insurance, and medical on time. So the American Education System for furthering the American peoples education is absurd because it leaves millions of people stuck in a constant loop of living from paycheck to paycheck, scrounging to make ends meet and that there is an unfair exploitation of the American people and their interest in becoming better citizens.
@Er.Ab
This concept of "living paycheck to paycheck" is so common, it's terrifying. The system should take into account of the other expenses a student would need to pay off in addition to the high interests rates.
I wonder why one must pay more money on a monthly to avoid paying a heavier total, when other students who cannot afford such a thing are to ultimately complete this debt with a costly amount due to the interest. What of the people who cannot meet the demands of scholarly loans? Should they reside to making the sacrifice of not studying and manage or to study and struggle to supply their own necessities?
For Cal Poly Pomona my loan would have to be 28,500 and the monthly payments would be approximately 240 dollars if I planned on paying off my debt in 10 years.So my hypothesis is that if I pay 480 a month I would be able to pay off my debt in 5 years which sounds like a better idea.
For Claremont McKenna, my loan would be about $28,418, and if I did not increase my monthly payment I would pay $248.50 monthly for 10 years. However if I increased my payment by $50, I would pay $298.50 monthly for 8 years
1. A catchy headline that I thought about almost as soon as I dabbled with the graph data is Can You Face the Truth About College Expenses? The reason as to why I choose this headline is because students should feel more inclined to know everything they possibly can about what they are getting themselves into when they choose to go to college. Whether it is always on the minds of students or rarely ever, college expenses should still pose as a wake-up call for students that have to pay their own monthly payments or rely on their parent(s), that may not have enough money to begin with, to pay for the monthly payments because they are reminded of the sacrifices that were or are made to earn this amount of money to pay off the loans.
2. I wonder just how skewed the graph will look and the numbers will be if a student decides to spend their money irresponsibly and overtime can barely give away any money towards the monthly payments. For example, what would the graph and numbers look like if the term of the loan was allowed to exceed 30 years?
For California Institute of Technology, my expected debt would be $18,219 and in a span of 10 years, I would need to take a loan of $23,242 and pay $193.69 a month. Although it will take a few years in order to pay off my debt, it is in a good position to where it isn't a huge amount of money that needs to be paid every month.
1. If I were to go to Cal State Fullerton, and plan to spend 20 years paying off my student loans, I would only have to pay $99.18 monthly. But on the downside, I would have to pay almost more than $9000 in interest.
2. I noticed that the shorter the term is, the lower the interest is. If i wee to spend 2 years paying off my student loans, I would pay $656.87 monthly and $800 in interest, which is more beneficial than paying the $9000 in interest over 20 years.
So for Pepperdine University, for 10 years the monthly pay will be $315.00 over the course of time however if I would to increase my monthly pay by +150 then I would pay $465.10. I find this very ineffective since the interest rate is exceptionally $4.940. My college pay-off would be done faster yet I would suffer because I would be paying larger amounts at a time while also paying for other bills and utilities.
I choose Utah State University and my expected debt is 23,000$. Also they expect me to be paying for about then years after and during college. My monthly payment is about 244$ a month it's crazy how long you could be paying for college when in Germany it's free.
What I have been wondering is do they include an option for students who going to these schools out of state in this graph? or is it already accounted for?
@Angel.P
I did not think about this but it is very interesting.
For the university I would like to attend which is University of California-Berkeley my loan would be approximately $18,789 and payments would be $199.75 a month. I would take me 10 years to pay them off but I can finish paying them off in 8 years and 5 months by increasing my monthly payment by $30 dollars
For Cal Baptist University my loan would be about 20,693 and they payments would be about 219.99 a month. It would take me 10 years to pay this which would be doable working hard after college to pay it off. This loan would be able to cover some of my housing fees and some tuition which is all i need to focus on.
@Alonso also depends on what job you end up getting that can be a big part in how you pay off your debt.
@Alonso If you had a roommate to share house cost you could take out less of a loan, and pay it off in a shorter amount of time.
@Alonso how would the time length change if you increased your monthly payment by 100 ? Would you not prefer to have your loans paid off as early as possible ?
My school is Cal State San Bernardino and i would have to take out a $22,452 to pay off my estimated debt. It would take me approximately 10 years paying a monthly $238.69. I don't plan on taking out loans since i'll need to pay the monthly payment plus my other responsibilities and I'll end up still paying off my loans going onto my 30's.
@Naomi. The school I selected for this assignment was UC Berkeley and the amount I put to take out was about $26,000 and also it will take about 10 years to pay that off. I will have to pay 276.41 dollars. My comment to you if you don't mind is that if you were to get a scholarship (not a lot of money) and still get a loan would you be able to pay this in approximately 5 years and counting the money you spend for other responsibilities you may have?
I believe loans are a contract where a student is forced to take on 2 part time jobs and take care of their responsibilities such as getting outstanding grades and family just to pay that debt. For me as a high school student is very frustrating to get a scholarship but also be in debt to this type of commitment. I understand you don't want to spend your life paying this debt but in the end it is worth it
@Naomi I agree with your decision of not taking a loan because of the fact that if one does, such thing would follow you for years to come, until you finally pay it off.
@Naomi
With the University of California Riverside, I can see our loan amounts are very close with mine being $21,838. I also understand how you wouldn't want to deal with loan payments, since they tend to cause a big burden on many people.
For Santa Barbara University my loan would be 21,001 and i would be making monthly payments of 223.26. All in all it would take me about 10 years to pay it off. Taking loans would not be beneficial to me especially if i decide to push my monthly payments to the side making me have debt for at least 15 years depending on if a have a well paying job or not.
@Isabel Hello, Isabel I just wanted to ask you one question. If times are rough for you when you are trying to pay off your loans, what would be the best possible way to deal with that issue if you are lacking enough money? I would like to know because I need further input on this subject just in case it happens to me or even you.
@Isabel The well-paying job depends on your major, so i think you would have to choose one that can cover the costs of your loans.
@Isabel This statement is very well agreeable with since student loans are supposed to support you out of college yet they only make you end up spending more money over time, just in lesser amounts at a time.
Are there any other downsides to increasing my monthly payment besides the fact that money will become less expendable when it comes to items that are not necessities? Also, would it be wise to even consider increasing the monthly payment. How does interest affect this?
@Christian Roman I believe it would be in one's best interest to increase monthly payments because such alters the grand total students are to ultimately pay. The time one spends completing their debts is a heavy influence on the amount of interest that is charged, so the longer students wait, the more they would have to pay.
@Christian Roman I do not think that there are any other downsides other than maybe not being able to go out and binge spend money on random items that are not needed for someone to survive. I believe that increasing the monthly payment is wise as long as you have the money to spend on that increased payment. Interest would fluctuate up and down depending on how long the loan is taken out for, the longer the loan the more interest accumulated while on the flip side the faster you pay the loan the less total money you have to pay.
@Christian Roman I think it is extremely wise to increase the monthly payment in order to reduce the amount of interest you have to pay off.
So for Cal State Monterey Bay University I can take out a loan for $25,257 and if I pay 271.86 it will take me 7 years and 9 months however if I increase it my payment my 100 it will only take me 6 years and 4 months. Which will be very beneficial seeing how I don't want to work off my loans for a long time.
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@CameronM Hello, Cameron I really enjoyed your determination towards wanting to paying off your loans. Based on this determination, how do you think you can earn enough money to pay off you loans within the 7 years and 9 months mark and do you ever see yourself borrowing money from your parents or someone else when you are lacking money needed to pay off your monthly payment? I am severely anxious that this will be my story and I want to try to avoid relying on my parents; therefore, I will take all of the advice I can get, thank you.
@CameronM This can be very reasonable, however college students should not have to pay that much debt off after college. Advancing the amount of interest you pay monthly, intellectually only allows for you to pay more.
@CameronM
I found similar results with the schools I searched up to. Adding a dramatic increase to the monthly loan payment is one of the few ways to decrease the payoff period. I also agree with what you said about not wanting to pay off loans for a long time.