$5,000 a month for 12 months not including interest will do it.
Here is the strategy I would employ if I were in your shoes. This strategy is based on the following estimated information. I am going to estimate you were charged $4k to get that $60k.
Based on the info below, hypothetically, you would make about $1500 a month. Your loan payment would $612 a month. That leaves $888. I would set a budget of what you have to have to live based on $888 and anything you have left you put as an extra payment on the loan.
Then when you get a raise, continue to live like you still only make $888 a month and put the extra amount against the loan.
Hope this helps.
Loan Balance: $64,000.00
Loan Interest Rate: 8.00%
Loan Term: 15 years
Minimum Payment: $50.00
Monthly Loan Payment: $611.62
Number of Payments: 180
Cumulative Payments: $110,090.68
Total Interest Paid: $46,090.68
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Here is an estimate of what you would make a month (1 paycheck a month, in Ohio for state income tax) based on $20,000 - $24k base salary with $4k per diem)
Gross Pay Per Pay Period: $2,000.00
Taxable Income Per Pay Period: $2,000.00
FICA (Social Security and Medicare): ($153.00)
Federal Income Tax: ($237.50)
State Income Tax: ($96.90)
Your Net Pay Amount: $1,512.60
Last edited by SkyHawg; 06-26-2006 at 12:14 AM.