loan

interest rate

Graph of College Debt

interest 60k 3k

annual income 30k 2k

spent on college
extra
expenses college debt
0 1k

room and
board -30k 0
0 4 8 12
Years
tuition college debt interest

I used the estimated costs of attendance on the UNC-CH website, the average interest rate on
college loans, and an initial savings of 30,000 dollars.

For the first four years (undergrad), I spent an additional 3,500 towards my debt annually, and
by graduation my debt had risen to 54.3 thousand, with an annual interest of 2.99 thousand.

For the four years following graduation, I spent more annually (8,000) as I had hopefully gotten
a full time job, and the only input into debt was interest. By the end of this four year period, I
had paid off my debt to 31.9 thousand, and lowered my interest to 1.79 thousand.

After that period, I began to spend 12,000 annually on my college debt, as I had hopefully
gotten a raise by then and paid off other expenses. I completely paid off my debt by almost the
end of the 2nd year of this period, or 11 years after college began.

Lesson of the story: college in the US is extremely overpriced and this is why millenials are
always complaining, so we have to lower college tuition to make them stop (and so that I won't
have to suffer through this).