> If I ended up owing 150k and could afford to pay back 1k a month, It would take me 12.5 years
Actually, it would take a _lot_ longer, almost twice as long. The average student loan rate is around ~6%, which means that a $1k payment a month would work out to 23 years (I compounded monthly for simplicity, so subtract a year for a fudge factor if you'd like).
Actually, it would take a _lot_ longer, almost twice as long. The average student loan rate is around ~6%, which means that a $1k payment a month would work out to 23 years (I compounded monthly for simplicity, so subtract a year for a fudge factor if you'd like).