I'm glad to know that in the two months and five days since I applied, my summary wasn't far off from my estimation. I knew I was around 60K, so 61, 171.51 isn't far off. I know there are rules of thumb for the amount of student loan debt you acquire vs. starting salaries and while I don't remember what they are exactly, I'm comfortable with where I am now - noting this approximately 25% undergrad remains and 75% grad school. Given the annual cost of NYU, I'm happy with how I came out. I worked through both years of school and had ~10K in scholarships, all of which helped.
I love the repayment options they give, hope the formatting remains here. I've left off interest rate since that remains the same for all: 6.5% as well as initial loan amount because that is also a constant. I'm not sure whether there are any on-time, auto-pay incentives available through Direct Loans. There is also the income contingent plan, which they did not detail for me since I didn't select it.
Plan # Payments Initial Payment Max Pay Interest Total
Standard 360 $386.64 $386.64 $78,019.39 $139,190.90
Graduated 360 $331.34 $579.96 $79,767.04 $140,938.55
Ext. Fixed 300 $413.03 $413.03 $62,736.99 $123,908.50
Ext. Grad 300 $331.34 $619.55 $64,805.85 $125,977.36
There's something a little cockeyed there since extended should be longer term, but it's not. That said, I can see the benefit in just an extra $26.39 per month in terms of interest paid in the long term. There's a new car in the difference there! While I'm lucky (?) enough to live in a market where $140K is going to buy me nothing, I can see how people would see this as a mortgage.
There's no pre-pay penalty and my plan was always to pay more than the minimum and have the extra applied to principle. Now that my 2.9% is sorted, this is my highest interest. That said, I think I know how much I need to apply to loan/debt-repayment each month. I don't have a pay off date, but I like having a plan.
Off for the weekend -- not driving and spending gas and wear and tear... I'm taking Peter Pan to Boston and then the T/bus.