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3. It needs 21 decades typically to pay off pupil finance

3. It needs 21 decades typically to pay off pupil finance dos. Education loan notice substances day-after-day. Let's say you graduate with the average amount of debt ($29,800) and the average annual interest rate of 5.8%. Since interest on student loans compounds daily, that means the day after graduation, you would owe an additional $4.74 for a new balance of $29,. The day after that, interest would be re-calculated centered on your brand new harmony and charged again. After a month, the total interest added to your loan payment would be about $150. And like a snowball ro