For our project, we had to do research on student loans. We had to find Government loans, subsidized loans, unsubsidized loans, bank loans, and their interest rates/loans. Here's what I found.
Government loan interest rate is 6.21%.
Subsidised loan interest rate is 4.66%.
Unsubsidized loan interest rate is 4.66%.
Bank loan interest rate is 5.84%.
If you take a subsidized loan for $20,000 and you plug it into the equation, A=P(1+r) raised to time (t), you'll owe $39,604 dollars after four years of college. If you want to pay off the loan in 15 years, you would have to pay $220 dollars a month. 20 years would be $49,732, and you would have to pay $207 a month.
I choose subsidized loan, because the goverment
Government loan interest rate is 6.21%.
Subsidised loan interest rate is 4.66%.
Unsubsidized loan interest rate is 4.66%.
Bank loan interest rate is 5.84%.
If you take a subsidized loan for $20,000 and you plug it into the equation, A=P(1+r) raised to time (t), you'll owe $39,604 dollars after four years of college. If you want to pay off the loan in 15 years, you would have to pay $220 dollars a month. 20 years would be $49,732, and you would have to pay $207 a month.
I choose subsidized loan, because the goverment