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Manage Your Debt

Student Loans: How Much Will You Really Owe?

Student Loan Repayment Table
Amount Borrowed Monthly Payment** Total Interest Paid Total Repaid
$3,500 $50 $971 $4,471
$5,500 $63 $2,095 $7,595
$8,000 $92 $3,047 $11,047
$10,000 $115 $3,810 $13,810
$12,000 $138 $4,572 $16,572
$15,000 $173 $5,714 $20,714
$20,000 $230 $7,619 $27,619
$23,000 $265 $8,762 $31,762
$30,000 $345 $11,429 $41,429
$35,000 $403 $13,334 $48,334
$40,000 $460 $15,238 $55,238
$45,000 $518 $17,143 $62,143
$50,000 $575 $19,048 $69,048
$57,500 $662 $21,905 $79,405
** Based on a Standard 10-Year Repayment Plan with 6.8% interest (unsubsidized loan rate prior to 13-14 school year). Income-based payment plans may decrease monthly payment but increase the number of payments and total amount repaid. Go to FinAid.org or FSA Direct Loans to determine your estimated payments.

Alternatives to Student Loans

  • Apply for BCTC Scholarships
  • Apply to work on-campus with the Federal Work Study program
  • Work part-time off-campus during the semester while taking classes full-time
  • Save money earned during the summer to spend during the school year
  • Reduce expenses during the school year by creating a budget
  • Earn your Associate in Arts or Science at BCTC before transferring to a school with higher tuition costs

Remember! What you borrow now is what you will have to repay later. Ask yourself what you need and what you want to still be paying for in ten years.