Hi, for any one who has taken out massive student loans to get through CRNA school, is there any method for paying them back that is better than others? Any tips would be great. Thank you.
Feb 16, '14
It's no secret. The faster you pay the loan the less you pay in interest over time. You can find student loan calculators online and enter in loan amount with interest rate to see how much you save by paying it off early. Or how much you lose by extending it out as long as possible. Here's one example:
original loan amount: $100,000 at 6.8%
10 years: min payment $1,150.80/month Total interest paid $38,096.57
7 years: min payment $1,499.51 Total interest paid $25,958.84
15 years: min payment $887.68 Total interest paid $59,783.63
Feb 24, '14
Yeah that actually makes sense. Thanks for taking the time to respond
Feb 25, '14
Make sure you research loan forgiveness programs, too.
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