WHAT'RE STUDENT LOANS??

• A student loan is an amount of money tooken out from a bank or vender for a specific thing (ex: paying a car, house, fees, ect.)

DIFFRENT TYPES OF LOANS:

• Direct loan: a direct loan is a loan provided to you directly by the US Department of Education
• Direct subsidized loan: The federal government pays the interest on the loan while the student is in college or while the loan is in deferment (while student is in school or is done doing whatever they took the loan out for.)
• Direct unsubsidized loan: Low cost, fixed-rate federal student loan available to undergraduate and graduate students (student has to pay interest loan as soon as the loan is taken out)

CONTINUATION OF DIFFERENT LOAN TYPES

• Stanford loan: a student loan offered to eligible students who are enrolled in accredited American institutions of higher education to help finance their education
• Perkins loan: a need-based student loan given by the US department of Education

HOW IS INTREST CALCULATED?

• Interest is by the amount that gradually increases on your loan from month to month is determined by a simple interest formula
• Interest formula: The outstanding initial balance X number of days since last payed ( X interest rate factor over interest amount )

WHAT IS INTEREST RATE FACTOR?

• It's used to calculate the amount of interest that increases on the loan, figured out by the loans interest rate by the number of days in the year

Interest rate that I found through this research: direct subsidized loan (undergrad) with an interest rate of 3.76%
Compounded : Daily
Compound interest equation:
A=P(1+.
0376/365)

P= 140,992

I think that a reasonable payment amount for me to pay my loan off would be $125 pr month.

Child clinical counseling/school psychologist annual salary was $67,880 in may of 2011.