Use the attached Excel Calculator for Debt Reduction.
We will review the functionality in class (Tuesday).
Enter details for current bills, or anticiapated student loans.
Investigate the term on your loans, your interest rates, and any stipulations (subsidized or unsubsidized).
If your parents/guardians took out loans on your bahalf, ask them about the details. If you are using a program (scholarship, VA, etc) to attend school, investigate current car rates for credit cards and loans to include at least 3 bills.
Calcuate the amount of time and interest you pay WITHOUT using a debt snowball/avalanch. Then calculate the amount with a snowball or avalanch.
Write a 1-2 page paper expressing your view on using this approach to paying down debts and answer the following questions:
Were you surprised by the numbers?
Do you think you would use this after your graduation?
How can you use money you earn during school to reduce your student debt when you graduate?
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