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How much would a $30,000 private student loan cost monthly?
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Seeking a higher education is typically a smart idea. Those with college degrees earn tens of thousands of dollars more per year on average than those who completed high school, according to the National Center for Education Statistics. And, with the average college student graduating with about $29,400 in student loan debt, a college education can be a good investment for most when you compare the cost to the potential reward.
But, unless you earn a full-ride scholarship (or a third party is otherwise paying for your schooling), you’ll need to pay for at least a portion of your college education. And, in many cases, those who want to go to college won’t qualify for federal student aid. The good news is that there are also private student loan options available.
As with any loan however, you’ll have to make monthly payments if you choose the private student loan option. So, how much would the monthly payment be on a $30,000 private student loan?
See what interest rate you could secure on a $30,000 private student loan here.
How much would a $30,000 private student loan cost monthly?
The monthly cost of your private student loan will depend on your interest rate, your balance and your loan term. According to Money.com, the average interest rate on a fixed-rate private student loan ranges from 4.07% to 16.49%. And, student loan terms typically range from five years to 25 years (but can be longer or shorter in some cases). Here’s what you can expect to pay based on these figures:
$30,000 student loans with a 4.07% interest rate:
- 5-year term: You would pay $553.44 per month and your total interest expense would be $3,206.63.
- 10-year term: You would pay $304.73 per month and your total interest expense would be $6,568.14.
- 15-year term: You would pay $222.96 per month and your total interest expense would be $10,132.84.
- 20-year term: You would pay $182.90 per month and your total interest expense would be $13,896.61.
- 25-year term: You would pay $159.51 per month and your total interest expense would be $17,853.86.
$30,000 student loans with a 16.49% interest rate:
- 5-year term: You would pay $737.38 per month and your total interest expense would be $14,242.52.
- 10-year term: You would pay $511.74 per month and your total interest expense would be $31,408.60.
- 15-year term: You would pay $450.90 per month and your total interest expense would be $51,162.30.
- 20-year term: You would pay $428.44 per month and your total interest expense would be $72,826.45.
- 25-year term: You would pay $419.24 per month and your total interest expense would be $95,771.00.
Keep in mind that no matter what your interest rate is, it’s important to carefully consider your loan’s term. Shorter terms may cost more per month, but they typically lead to significant long-run savings. So, if you need a low monthly payment, a longer term may be fitting. But, if you can afford to pay more, a shorter-term may be preferable.
There are variable-rate student loans to choose from, too. However, if you choose a variable rate loan, your rate and payment may change from time to time, which can make budgeting difficult.
Find out how affordable your student loan can be now.
How to cut the cost of private student loans
Here are a few ways you may be able to reduce the cost of your private student loan:
- Compare your options: There are several financial institutions that offer private student loans. And, these institutions are all in competition with one another. So, it’s important to compare your options in order to find the best interest rate possible.
- Improve your credit score: Interest rates and credit scores typically go hand in hand. Those with the best scores tend to enjoy the lowest rates. So, consider taking steps to improve your credit score before you apply for a student loan.
- Get a cosigner: If you have someone who’s willing to cosign the loan for you and has a solid credit score, you could enjoy savings.
The bottom line
A $30,000 private student loan can cost approximately $159.51 per month to $737.38 per month, depending on your interest rate and the term you choose. But, you may be able to cut your cost by comparing your options, improving your credit score or getting a cosigner.
NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
CBS Philadelphia
Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.