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Part 4: Paying off Student Loans (20 points total) Let's be honest - most people don't purchase a car or buy a house the day after they graduate from college if you go to college. Many students, though, graduate with student loan debt. In theory, this is nothing to be afraid of - as long as you get a job that can provide a salary large enough to comfortably make payments. **Note, not everybody goes to college and accrues this debt, but this information is important to understand regardless of your plans after high school. 10. Let's suppose that you graduate from college and decide that it is in your best interest to move back in with your parents to save money while you pay off your loans (assuming your parents let you!). Let's also assume that you already have a car that your parents gifted to you back in high school. So, you neither have rent/mortgage payments, nor car payments to make! a. Let's remind ourselves of what our monthly take-home pay is from #1 of this project: Gross Annual Salary $25,000 $50,000 $75,000 Monthly Net (Take-Home) Pay 1,291 2 573 3.8 75 b. Research what the minimum monthly payments might be if you have to pay back the following student debt amounts. Assume a 10-year (120 month) standard repayment plan and a 5% interest rate: Total College Debt $10,000 $30,000 $50,000 average debt in U.S.) Monthly Minimum Payments Source 6. Let's assume that even though you live with your parents to save money, . You graduated with $30,000 of college debt (see middle column above) You have $700 in credit card payments per month (food, entertainment, cell phone, etc) Gross Annual Salary $25,000 $50,000 $75,000 Total Amount you have to pay per month (add your credit card payments and 4 273 monthly student loan payments) Amount you have left each month to save/spend Subtract Monthly Payments from your Monthly Take-Home Pay d. For the above scenarios, place a check mark if you still have enough money left to: Gross Annual Salary $25,000 $50,000 $75,000 Make monthly payments on your chosen car from page 2? Spend $350 a month for car insurance, maintenance, and gas? Make rent payments of $600 per month in a shared apartment if you move out? Save 10% of your take-home pay for a 'rainy day fund'? Spend $1000 a month rearing a child