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Money and Finances
Reply to "Being lower middle class and living well"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Just one question for OP: how much would your monthly student loan payment be if your parents didn't pay for your education?[/quote] Probably not much since her scholly covered 90% of tuition so it would be 10% of tuition plus living expenses not otherwise covered from working during summers. At any rate, she'd be eligible for IBR or whatever they call it now so a max of 15% of the portion of her AGI above the federal poverty line.[/quote] 7 years of living expenses would be what? Around 90K? Let's say 70K if she worked during summers. Plus 10% of tuition for those 7 years. Another 20K? So 90K total. She would be paying it back, even under IBR, for 25 years and then pay taxes on the difference. Or get the interest capitalized if she ever earned too much to qualify. Fun.[/quote]
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