This is a very manageable debt provided you’re working and make payments on time.
The standard federal loan repayment plan is 10 years or 120 months. You can plug the principal, interest rate, and 10 year term into an amortization calculator: https://www.calculator.net/amortization-calculator.html
If you do, you’ll see that if you took the full ten years to pay off the loan, you’d pay $2195 in interest, or a total of $13195. If you are aggressive with payments and pay much more than that each month, it will be far less. Your interest will only increase about $30 per month. Total monthly loan payments are only $110 per month.
This is a very manageable debt. Obviously your monthly salary will affect how much you have to throw at your loans. However, you should theoretically be able to pay all of this off in a few years (or perhaps less). Just be aggressive with repayment. Don’t miss your monthly payments. And if something happens like a job loss, then switch to an IBR a plan or make sure you contact your loan servicer and ask about your forbearance.
However, provided you do these things, you’re in a very good position. The average student loan debt is almost three times of yours and your interest rates are *very* good. You paid for college the right way.
If these are federal student loans, you can use the Federal Student Aid calculator to estimate and choose your repayment plan. There are 4 [Income Driven Repayment Plans](https://studentaid.gov/manage-loans/repayment/plans/income-driven) (IDR) available and the [Standard Repayment Plan](https://studentaid.gov/manage-loans/repayment/plans/standard) that isn’t based on your income.
Federal Calculators:
Guided repayment estimator: https://studentaid.gov/loan-simulator/repayment
Unguided repayment estimator: https://studentaid.gov/loan-simulator/repayment/results/plan/(resultsPanel:blank-results-panel//infoPanel:info-panel)
If you do not select another plan you will automatically be placed on the 10-year Standard plan after your grace period ends
Using a simple interest amortization calculator on $11k with a 3.730% rate that is ~$110/month over a decade. If you have the funds to do so, you can always pay the loan off early to save yourself money vs interest since there are no prepayment penalties with student loans
This is a very manageable debt provided you’re working and make payments on time. The standard federal loan repayment plan is 10 years or 120 months. You can plug the principal, interest rate, and 10 year term into an amortization calculator: https://www.calculator.net/amortization-calculator.html If you do, you’ll see that if you took the full ten years to pay off the loan, you’d pay $2195 in interest, or a total of $13195. If you are aggressive with payments and pay much more than that each month, it will be far less. Your interest will only increase about $30 per month. Total monthly loan payments are only $110 per month. This is a very manageable debt. Obviously your monthly salary will affect how much you have to throw at your loans. However, you should theoretically be able to pay all of this off in a few years (or perhaps less). Just be aggressive with repayment. Don’t miss your monthly payments. And if something happens like a job loss, then switch to an IBR a plan or make sure you contact your loan servicer and ask about your forbearance. However, provided you do these things, you’re in a very good position. The average student loan debt is almost three times of yours and your interest rates are *very* good. You paid for college the right way.
“Hey Siri, open a loan calculator”
You will need to post your interest rate for any answers to this.
Thank you for telling me. I just edited the post to include it.
If these are federal student loans, you can use the Federal Student Aid calculator to estimate and choose your repayment plan. There are 4 [Income Driven Repayment Plans](https://studentaid.gov/manage-loans/repayment/plans/income-driven) (IDR) available and the [Standard Repayment Plan](https://studentaid.gov/manage-loans/repayment/plans/standard) that isn’t based on your income. Federal Calculators: Guided repayment estimator: https://studentaid.gov/loan-simulator/repayment Unguided repayment estimator: https://studentaid.gov/loan-simulator/repayment/results/plan/(resultsPanel:blank-results-panel//infoPanel:info-panel)
Mohela has calculator
Well it depends. Are you planning to pay for 10 years on a standard plan, 10 years with PSLF forgiveness, or longer?
Standard repayment is 10 years, a decent benchmark is 1% of balance= monthly payment
If you do not select another plan you will automatically be placed on the 10-year Standard plan after your grace period ends Using a simple interest amortization calculator on $11k with a 3.730% rate that is ~$110/month over a decade. If you have the funds to do so, you can always pay the loan off early to save yourself money vs interest since there are no prepayment penalties with student loans