You have decided to pursue a four-year degree in teaching at a top ranked university. The average tuition at the top 10 schools is about $45,000/year. You work summers and make $5,000 each summer to apply to your tuition. Your rich uncle will grant you a 20-year interest free loan on the balance once you graduate and start your career. Using the average teacher salary of $53,000 minus 28% taxes. What will your take-home pay/month be after your monthly school loan payment is deducted? Assume you pay off the interest-free loan in equal payments each month over 20 years.
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