college math (math 201)

Consult with the Financial Aid Department to estimate the amount of money you will

need to borrow in future semesters. You can make the assunption that yo皿Ioans for

Subsequent semesters will be the same as for the current semester.

Option2:

With t血s option you will be given estimated s血dent loan data (Principal and interest

rate) to use in completing your prQject. This estimate wi11 be based on infomation

taken from Bryant & Stratton College’s website on the median loan balance for students

graduating from your progran.

Keep in mind that the ac血al anount of money you borrow will probably be different

from this estimate. Although you will be using皿s estimated data for your prQjeqt, it

WOuld still be very beneficial to consult the Financial Aid Department to detemine the

amount you now owe and are likely to incur in the future.

6. Determine the monthIy payment required to repay your estimated student loan

baIances in the standard ten-year rePayment Period.

Use Excel to detemine the minimun monthly payment you must make to repay your

Student loans in the standard l O-year term.

If you have multiple loans with the same interest rate you can add the principals together

and calculate a single monthly payment for them all.

If you have loans with di舐3rent interest rates you must calculate a separate payment for

each loan. Add the mont軸y payments for the loans together to detemine your total

monthly loan payment.

Include the total monthly loan payment to your budget.

Discuss how this compares to your hypothetical monthly salary. Address the following

questions: What percentage of your net monthly salary will go toward repaylng yOur

Student loans? Does this seem to be a manageable anount?

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