hi, i am trying to figure out how much i would have in student loans after 4 years of school and dont know if interest accrued is based off the amount taken out on that year or the amount taken out in total. for this given scenario, my tuition is 48,000 a year and assuming i don’t pay anything until after my schooling is done, how much would i have to pay off including interest?
someone explain this please?
byu/friendlysmartandnice inStudentLoans
Posted by friendlysmartandnice
4 Comments
Do not take out $200,000 of loans for an undergraduate degree for the love of God.
Interest accrued is based on current loans not future loans. Are you asking if you would be charged whatever the interest loan is on 200k from the start? That would be insane. If you take 12k for instance for the first semester, interest will occur on the 12K only.
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Loans for grad degrees do accrue interest during school.
There’s a great google sheet for loan planning[here](https://juno.us/premedcalc)!
You mentioned grad PLUS. If your program starts after July 1, that’s no longer available.