Student Loan Debt

Academic News & Updates

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

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