Business Insider reported that student loan debt in America is $1,400,000,000,000 – that’s a lot of zeros – $1.4 trillion. Let’s talk about your time and interest payments. If a borrower is a graduate or professional, the subsidized federal Stafford loan rate is 6.8%. Let’s look at two repayment scenarios.
(Common) Scenario 1: You borrow $50,000 at 6.8% for 10 years, your monthly repayment is $575 and you’ll pay $19,048 in interest.
(Better) Scenario 2: You get dissertation support to get out of school 2 quarters earlier. You borrow $42,000 at 6.8% for 10 years. You make monthly payments of $575, you’ll pay $12,667 in interest, and you’re payed off in 8 years.
So, getting dissertation support can save you at least 2 quarters of your life in school, save you $6,381 in interest, and you finish paying off your loan 2 years earlier.
Isn’t is worth getting a free 45-min consultation to learn how Statistics Solutions can help you with your quantitative or qualitative dissertation?
James Lani, PhD
We work with graduate students every day and know what it takes to get your research approved.