Budget Wisely
Budgeting puts you in control and will help you make better decisions about financing your education. Budgeting in school will
also help you manage your money after you leave school. Finding ways to increase your income and decrease your expenses will help
prepare you for budgeting your money.
Calculate your expenses and your total resources (income). Then use these figures to help you determine your balance and how much
you really need to finance your education. Knowing the balance helps you determine if you need all the money you are allowed to
borrow.
Loan Limits Chart
Academic
Year
|
Dependent
Sub. and/or Unsub. |
Independent
Sub. and Unsub. + Add'l Unsub. |
|---|
| First Year | $3,500 + $2,000 = $5,500 | $3,500 + $6,000 = $9,500 |
| Second Year | $4,500 + $2,000 = $6,500 | $4,500 + $6,000 = $10,500 |
| AGGREGATE Undergraduate LIMITS | $23,000 + $8,000 = $31,000 | $23,000 + $34,500 = $57,500 |
What Is My Monthly Payment?
Examples of Debt Levels, Beginning Monthly Payments, and Total Amounts Repaid
for All Direct Loan Repayment Plans*
Non-Consolidation Borrowers
| Debt When Loan Enters Repayment | Standard | Extended Fixed | Extended Graduated | Graduated |
Income Contingent**
Income = $25,000
|
|---|
| Per Month | Total | Per Month | Total | Per Month | Total | Per Month | Total | Single | Married/HoH*** |
|---|
| Per Month | Total | Per Month | Total |
|---|
| $5,000 | $61 | $7,359 | N/A | N/A | N/A | N/A | $38 | $7,978 | $40 | $9,414 | $38 | $12,294 |
| 10,000 | 123 | 14,718 | N/A | N/A | N/A | N/A | 76 | 15,957 | 80 | 18,828 | 77 | 24,587 |
| 25,000 | 307 | 36,795 | N/A | N/A | N/A | N/A | 190 | 39,892 | 201 | 47,069 | 189 | 61,588 |
| 50,000 | 613 | 73,591 | 394 | 118,264 | 344 | 126,834 | 380 | 79,800 | 247 | 106,630 | 189 | 137,766 |
| 100,000 | 1,227 | 147,183 | 788 | 236,528 | 688 | 253,660 | 760 | 159,566 | 247 | 187,553 | 189 | 170,153 |
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%.
** Assumes a 5 percent annual income growth (Census Bureau).
*** HoH is Head of Household. Assumes a family size of two.
|
Consolidation Borrowers
| Debt When Loan Enters Repayment | Standard | Extended Fixed | Extended Graduated | Graduated |
Income Contingent**
Income = $25,000
|
|---|
| Per Month | Total | Per Month | Total | Per Month | Total | Per Month | Total | Single | Married/HoH*** |
|---|
| Per Month | Total | Per Month | Total |
|---|
| $5,000 | $61 | $7,359 | N/A | N/A | N/A | N/A | $38 | $7,978 | $40 | $9,414 | $38 | $12,294 |
| 10,000 | 97 | 17,461 | N/A | N/A | N/A | N/A | 69 | 19,165 | 80 | 18,828 | 77 | 24,587 |
| 25,000 | 213 | 51,123 | N/A | N/A | N/A | N/A | 172 | 55,491 | 201 | 47,069 | 189 | 61,588 |
| 50,000 | 394 | 118,264 | 394 | 118,264 | 344 | 126,834 | 344 | 126,834 | 247 | 106,630 | 189 | 137,766 |
| 100,000 | 751 | 270,452 | 788 | 236,528 | 688 | 253,660 | 688 | 286,305 | 247 | 187,553 | 189 | 170,153 |
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%.
** Assumes a 5 percent annual income growth (Census Bureau).
*** HoH is Head of Household. Assumes a family size of two.
|