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Reply to "$80k In Debt Worth It for Ivy Undergrad?"
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[quote=Anonymous]At 7% interest, your monthly payment will be about $928 for 120 months. Your interest might be lower, but you should expect to pay at least $900 a month for 120 months in order to fully satisfy this student loan debt obligation. Depending upon the state and city where you live and work, you will need to earn about $1,200 a month in pre-tax income in order to pay $900 per month in after-tax income. If you start out in a low paying job, then you can pay just 10% of your income until you are more established. While $900 a month is a substantial obligation, you should be able to manage this if you earn above $4,500 a month. Not easy. And it will require sacrifices, but your after-tax income on a salary of $54,000 should be about $42,000 to $45,000 ($3,500 to $3,750 per month) if working in the state of New York. Discuss this with your parents.[/quote]
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