Florida State University Career Day at Wal Mart

Florida State University Wal Mart Career Day

Florida State University Wal Mart Career Day

How long will it really take a college graduate to pay off student loan with a career at Wal Mart? Thats a good question to ask yourself especially if you are in college or are recent college graduate.

Well Florida minimum wage is $7.79 per hour. Multiply that by the 29 hours they MIGHT let you work = $229.51 per week gross pay – 7.65% payroll taxes of $17.28 = $217.23 = $11,295.96 annually. The average cost of a 4 year degree from FSU including room, board, and other expenses for a Florida resident is $49,856.00. Using the recommended payback of 10% of your income and accounting for normal interest on the loan the answer to your question is NEVER.

To verify this please read this: http://www.collegecalc.org/colleges/florida/florida-state-university/#exampleLoan

Below are the details of a sample student loan if you borrowed $68,112.00 to attend Florida State University. With a standard repayment plan you will pay a fixed amount each month until your loan is paid in full.

A full amortization table and payoff chart is available below.
Monthly Payment: $399.43
Amount Borrowed: $68,112.00
Interest Rate: 6.8%
Term: 50 years
Number of Monthly Payments: 600
Total Interest Cost: $171,544.03
Total of All Payments: $239,656.03

So if you graduate college at age 22 and could afford to pay $400 a month you could pay off your loan by age 72.The message here is if you are a college graduate it is in your best interest to not seek a career at wal mart unless you want to live in poverty until you die.