Meet Dwayne: Dreams of becoming a chemical engineer and lives in TX where there's a large job market with oil companies Financial aid at the top engineering school he was accepted to requires him to take out $80,000 in private loans over 4 years Uses the directory at look up the starting salary for a chemical engineer... or the purpose of this activity, assume lowest salary is starting salary.) He also pulls open the student loan calculator from to give him a ballpark estimate of what his loan payments could be at 6.24% for 10 years 5. What's the starting salary for a chemical engineer? 6. Using a common rule of thumb about starting salary and student loan debt, is this school a good idea? 7. Dwayne's guidance counselor suggested he use the student loan calculator to estimate his monthly loan payment. How much will it be? 8. if Dwayne's take home pay is $4300 per month, what percent of his paycheck would go to student loans every month? Does that seem manageable? 9. Dwayne heard from his older cousin, who is already repaying student loans, that you can sometimes arrange financing so you extend your loan to 15 years instead of 10. Would that be a good idea for Dwayne? Why or why not? 10. Do you think Dwayne should attend the top university? Or, should he find a less expensive school? Why do you feel this way? Meet Dwayne: Dreams of becoming a chemical engineer and lives in TX where there's a large job market with oil companies Financial aid at the top engineering school he was accepted to requires him to take out $80,000 in private loans over 4 years Uses the directory at look up the starting salary for a chemical engineer... or the purpose of this activity, assume lowest salary is starting salary.) He also pulls open the student loan calculator from to give him a ballpark estimate of what his loan payments could be at 6.24% for 10 years 5. What's the starting salary for a chemical engineer? 6. Using a common rule of thumb about starting salary and student loan debt, is this school a good idea? 7. Dwayne's guidance counselor suggested he use the student loan calculator to estimate his monthly loan payment. How much will it be? 8. if Dwayne's take home pay is $4300 per month, what percent of his paycheck would go to student loans every month? Does that seem manageable? 9. Dwayne heard from his older cousin, who is already repaying student loans, that you can sometimes arrange financing so you extend your loan to 15 years instead of 10. Would that be a good idea for Dwayne? Why or why not? 10. Do you think Dwayne should attend the top university? Or, should he find a less expensive school? Why do you feel this way