To: Libloather
He earns “five figures”, a minimum of $100,000 bucks. Student loan interest is typically 5%. The monthly payment on $100,000 of student debt at 5% and 20 years is $660/month or 7920 per year. Less than 8% of his income.
He will never be able to pay that back, if he doesn’t try.
To: Lonesome in Massachussets
He earns “five figures”, a minimum of $100,000 bucks. That's 6 figures.
8 posted on
07/09/2023 9:31:33 AM PDT by
TangoLimaSierra
(⭐⭐To the Left, The Truth is Right Wing Violence⭐⭐)
To: Lonesome in Massachussets
“Five figures” is less than $100,000.
10 posted on
07/09/2023 9:32:17 AM PDT by
Fido969
(45 is Superman! )
To: Lonesome in Massachussets
He earns “five figures”, a minimum of $100,000 bucks.
Uh, no! SIX figures is a minimum of #100,000 bucks.
The student loan fiasco was never set up correctly. Should've been like a mortgage. Your intended degree better have a chance of paying off.
Article doesn't say what undergraduate degree ole' Jarrett has. An MBA by itself isn't worth much to me (IMHO). It's the combination of the undergrad + MBA that's worthwhile.
14 posted on
07/09/2023 9:34:57 AM PDT by
BikerJoe
To: Lonesome in Massachussets
Five figures is $10,000-$99,999. Six figures would start at $100,000.
44 posted on
07/09/2023 9:55:14 AM PDT by
dinodino
( )
To: Lonesome in Massachussets
He earns “five figures”, a minimum of $100,000 bucks. Student loan interest is typically 5%. The monthly payment on $100,000 of student debt at 5% and 20 years is $660/month or 7920 per year. Less than 8% of his income. Yep. He could pay off his loans in only 15 years at $791 per month, less than 9.5% of his current income. If he wanted to pay off his loans in only 10 years, it would cost him $1,061 per month, less than 13% of his current income.
These all assume that his income would never increase over the next 10 to 20 years. The payments would be fixed, so as his income increases over the years, they would take up a smaller and smaller percentage of his income.
The magic of compound interest. Pay as much as you can as early as you can or you will end up paying a whole lot more over the life of the loan.
85 posted on
07/09/2023 10:36:36 AM PDT by
Bubba_Leroy
( Dementia Joe is Not My President)
To: Lonesome in Massachussets
He earns “five figures”, a minimum of $100,000 bucks. Five figures is less than $100,000.
87 posted on
07/09/2023 10:38:18 AM PDT by
ladyjane
To: Lonesome in Massachussets
A kid with a 100k loan needs to be able to manage a $200 a month payment
His parents have to advise him on that. What profession and lifestyle will allow such a situation. That is the discussion that needs to be had among the family. They are so leftist they trust the institutions
The parents are more to blame for this crap
102 posted on
07/09/2023 11:05:45 AM PDT by
stanne
To: Lonesome in Massachussets
I thought “five figures” would mean up to $99,999 but not six figures. ?
113 posted on
07/09/2023 11:25:31 AM PDT by
NEMDF
To: Lonesome in Massachussets
Five figures? That’s 10,000 to 99,999.
123 posted on
07/09/2023 11:46:52 AM PDT by
JimRed
(TERM LIMITS, NOW! Militia to the border! TRUTH is the new HATE SPEECH.)
To: Lonesome in Massachussets
From what I have read....6 figures is 100,000 up to much higher. So if this guy is 5 figures...it is 10,000 to 99,999...He probably makes 40,000/year as a cashier at a gas station(he is in the energy business)
139 posted on
07/09/2023 1:15:48 PM PDT by
Getready
(Wisdom is more valuable than gold and harder to find.)
To: Lonesome in Massachussets
Your math is deficient: six figures starts at 100,000, five figures ends at 99,999.
147 posted on
07/09/2023 1:59:35 PM PDT by
Night Hides Not
(Remember the Alamo! Remember Goliad! Remember Gonzales! Come and Take It!)
To: Lonesome in Massachussets
“ He earns “five figures”, a minimum of $100,000 bucks.”
Five figures could be as little as $10,000.
He has an MBA. He could be earning $125,000 in a few years. Paying it back is completely possible
163 posted on
07/09/2023 5:58:32 PM PDT by
muir_redwoods
(Freedom isn't free, liberty isn't liberal and you'll never find anything Right on the Left)
To: Lonesome in Massachussets
Excuse me, but I thought 5 figures meant $99000 or less. I made 5 figures most of my working life, but it was closer to $30000 or less;generally less. I’m now doing better on S.S.
166 posted on
07/09/2023 9:28:23 PM PDT by
oldtech
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