Gross Monthly Salary
Monthly Loan Payment
Your monthly loan payment of $0 is 0% of your expected monthly gross salary.
For your loan payment to be at or below 0% of your expected monthly gross salary, you will need an annual gross salary of at least $0.
|Federal Loans||Private Loans||Total|
|Monthly Payment (Years 7 - 10)||$0||$0||$0|
|Total Amount of All Payments||$0||$0||$0|
This tool is intended to help you understand how student loan debt could affect your future financial health after graduation. The results are estimates based on information you provide and certain assumptions, described below, and are provided as a guideline only. The financial information and assumptions are general in nature and may not apply to your personal situation. Don't decide whether to borrow or how much to borrow solely on the basis of the results or other information provided here. Talk it over with your family, financial aid representatives, and a financial advisor before acting on such information.
National Starting Salary Data: The salary by major data includes median salaries for early career graduates, aged 22-27, with a bachelor's degree only. Data source: Federal Reserve of New York report The Labor Market for Recent College Graduates, which is based on data from the U.S. Census Bureau, American Community Survey (IPUMS).
Net Salary: Net salary is calculated by subtracting estimated Federal and State income taxes and FICA tax (Social Security and Medicare) from the gross salary. FICA is calculated using the fixed FICA rate for salaries of $118,500 and below, even if the salary is higher. Federal and state income tax are calculated based on a single person without dependents taking the standard deduction and single personal exemption. State income tax varies by state, and is calculated based on the state selected. If "Other" is selected, no state income tax is deducted.
National Average Federal Student Loan Balance: National average per-borrower cumulative principal borrowed through Federal loan programs by the last graduating undergraduate class at institutions offering bachelor's degrees that reported this data. Includes only Federal Perkins and Federal Stafford Subsidized and Unsubsidized loans made to students who borrowed while enrolled at an institution. Excludes transfer students, students who did not graduate with a bachelor's degree, and parent loans. Approximately 40 percent of bachelor's degree granting institutions reported this data. Data source: Peterson's Undergraduate Financial Aid Database, copyright © 2016 Peterson's, A Nelnet company. All rights reserved.
Federal Student Loan Balance by College: Average per-borrower cumulative principal borrowed through Federal loan programs by the last graduating undergraduate class. Includes only Federal Perkins and Federal Stafford Subsidized and Unsubsidized loans made to students who borrowed while enrolled at the institution. Excludes transfer students, students who did not graduate with a bachelor's degree, and parent loans. Data source: Peterson's Undergraduate Financial Aid Database, copyright © 2016 Peterson's, A Nelnet company. All rights reserved.
Private Student Loans: Percentage of all bachelor's degree recipients graduating with private loans. Data source: The Institute for College Access & Success report Student Debt and the Class of 2014, based on data from the U.S. Department of Education, National Postsecondary Student Aid Study (NPSAS) 2012.
Loan Repayment Summary: Repayment calculations are based on the loan balance, loan term, and interest rate information you provide. A standard loan amortization formula is used to determine a fixed monthly payment which, when paid over the specified period of time, will total an amount equal to the initial loan principal (original amount borrowed) and interest owed and will result in full repayment at the end of the term. The repayment calculation assumes the interest rate is fixed for the length of the loan and that interest is paid as it accrues and is not added to the principal.