One of the first questions that you should ask yourself before you take out student loans is how much they are going to cost you. These loans may help you to pay for your schooling and all the supplies that you need, but they can also affect whether you will be able to afford an apartment or somewhere else to live in the future. Having a good plan will make a big difference along the way.

Your monthly student loan payment can depend on the amount of money that you took out in the first place, the interest rate on the loan, and the repayment plan that you qualify for. The average student loan payment is about $393, though some students have a higher payment and some have one that is lower. However, you can’t just take a look at how much the student loan is going to cost you during the month; you need to take a closer look at the bigger picture.

We can do this by looking at an example. Let’s say that you took out a loan that has $35,000 on it and you choose the repayment plan that is for 10 years and the interest rate is 5%. With these numbers, your monthly payment is going to be $370, and the total amount of interest that you would pay would be mor than $9000. So, you might have started out by borrowing only $35,000 on the loan, but in the end you pay $44,000 on that loan. And if you took out more, then you will owe more on the loan as well.

Keep in mind that a student loan is going to cost you more than just the interest. They can steal your peace and your freedom. Instead of giving you a leg up like you may have been promised in high school, this debt is going to often take over your life for a long time and can be hard to remove quickly. Sure, a college degree is nice and can help you land a good job, it is often better for you to go through the work of paying for it out of pocket rather than getting a loan.

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