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Ok...the max Stafford a student can borrow for combined undergrad and law school is.....
$138,500.
That may seem like a high number, but law school is 3 years at a rather highish cost (including room, board, books, etc). So, if you're going to need to borrow $45k per year for law school, then you shouldn't borrow anything for undergrad.
BTW...if you do borrow $138,500...your monthly payments will be......about $1600 a month for TEN LONG YEARS, and you'd need an income of almost $200k to comfortably pay it off. Yikes!
Loan Calculator
Loan Balance: $138,500.00
Adjusted Loan Balance: $138,500.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00
Monthly Loan Payment: $1,593.86
Number of Payments: 120
Cumulative Payments: $191,263.64
Total Interest Paid: $52,763.64
Note: The monthly loan payment was calculated at 119 payments of $1,593.86 plus a final payment of $1,594.30.
It is estimated that you will need an annual salary of at least $191,263.20 to be able to afford to repay this loan.
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