MATH103JRSAnticipated Loan BalanceLorie FranciscoWeek 7 Portfolio Project

HUMAN RESOURCE SPECIALIST AASAssociate’s Degrees

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Tuition & Fees $ 33,060 Books & Supplies $ 3,200Laptop Computer $ 1,100

BRYANT & STRATTON FIRST YEAR

Tuition & Fees $ 33,060 Books & Supplies $ 3,200

BRYANT & STRATTON SECOND YEAR

$ 8.265.00 Tuition per semester$ 800.00 Books per semester$ 35.00 Registration Fee

$ 8.265.00 Tuition per semester$ 800.00 Books per semester$ 35.00 Registration Fee

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Year one $ 37,360Second Year $ 36,260

$ 37,360 + $ 36,260 = $ 73,620

Loan Amount $ 73,620

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8 Year Student Loan Loan Amount $ 73,620.00

Annual Interest Rate 4 % For 8 yearsScheduled Monthly Payments $ 897.37

Total Interest $ 12,527.95Loan Amount Including Interest

$ 86,147.95 ( $ 73,620 +12,527.95 )

10 Year Student LoanLoan Amount $ 73,620.00

Annual Interest Rate 4 % For 10 yearsScheduled Monthly Payments $ 745.37

Total Interest $ 15,624.0010 Yr Loan Including Interest $ 89, 244.00 ( $ 73,620

+15,624 )

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How does this change the monthly payments ?

8 yr Monthly Payment 10 yr Monthly Payment Increase in Payment$ 897.37 $ 745.37 $ 152.00

How does that change the total interest charged over the life of the loan ?

10 year loan $ 15,624.00 8 year loan - $ 12,527.95 Savings $ 3,096.05

I will save $ 3,096.05 in interest by going with the 8 year student loan.

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Percentile 10% 25% 50%(Median) 75% 90%

Hourly Wage $15.98 $20.42 $27.23 $36.07 $46.38Annual Wage

(2) $33,240 $42,470 $56,630 $75,030 $96,470

Salary for Human Resource Specialist

United States Department of Labor, Bureau of Statistics, Occupational Employment and Wages, May 2013

Occupational Employment and Wages, May 2013.http://www.bls.gov/oes/CURRENT/oes131071.htm

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FINANCIAL

The salary for a Human Resource Specialist will be around $ 42,470 and $ 56,630. The BEST Financial decision would be to pay the student loan off in 8 years instead of 10. The monthly payment would increase $ 152.00 BUT you will be saving $ 3,096.05 in loan interest.

A recent graduate will be able to afford the 8 year monthly loan payment of $ 897.37. The graduates salary will increase $ 10,000 to $ 20,000 per year. With the salary increase there will be enough money to pay off the loan in 8 years.

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REFERENCES

United States Department of Labor, Bureau of Statistics, Occupational Employment and Wages, May 2013http://www.bls.gov/oes/CURRENT/oes131071.htm