A few days ago I went over my student loan information and really figured out how the interest and whatnot worked.
I’ve really treated the financial aid office like a magic box these past two years:
- Enter Financial Aid Office
Fortunately, the federal Direct Loan site is pretty straightforward explaining things, and from the factors and methodology given by them, you can make a fairly accurate assessment of what you’re actually paying.
For grad school I get three types of loans:
- Subsidized loans, which have about a 7% interest rate, but the interest doesn't actually start accruing until the day I finish law school.
- Unsubsidized loans, which also have a 7% interest rate, but started accruing from the day I took them out.
- GradPLUS loans, which have an 8% interest rate and also started accruing from the day I took them out.
I also worked up an excel formula to figure out how much I’m paying in interest per day. Â In the past ~2 years, I’ve accumulated an extra $4,000 in interest, and currently that number is going up by about $13-$14 dollars a day. Â Damn out-of-state rates.
Ouch. Â Although really I get no visceral reaction from looking at these numbers, which may be part of my problem…