In this assignment you will calculate how much a loan will really cost. In step one you will compare three different loan types using a comparison calculator found on College Board¿½s website. Then you will figure out the total loan debt for different loan types. You will choose a career path for your student and identify the starting salary to discuss how their debt level will impact their earnings. Finally you will calculate a parent PLUS loan. Prepare a report based on your findings. Compare the following loans using the calculator on College Boards website (Links to an external site.) $3,500 ¿½ Subsidized $2,000 ¿½ Unsubsidized $2,000 ¿½ Alternative/Private Loan. Lender is Sallie Mae, fixed rate of 5.74%, 1% in fees, 10 year repayment period Remember that you are comparing these loans for only one year. The family will need to consider their borrowing for all four years. Keeping in mind the students you are currently working with (or want to work with) what kind of discussion would you have with the student and parents regarding borrowing and debt? What would be your next steps? 2. Calculate what the total cost of borrowing will be for the following loans using this calculator: (Links to an external site.) Student borrowed the subsidized student loan amount allowed for each of the 4 years (amounts are shown on the calculator or in the syllabus) Student borrowed the additional $2,000 unsubsidized student loan each year for 4 years (enter this under Other Loan Amount) Student borrowed $1,000 Perkins Loan each year for 4 years Keep the defaulted interest rate of 6.8% Keep the graduation date at the default For the salary question go onto the Occupational Handbook website (Links to an external site.) and pick a career path for your student. Find starting of average salary and enter that amount. Enter the loan amounts in the appropriate areas and calculate. Read the entire response. Share your results by answering the following questions: What is the career path and the starting salary of your student? Do you feel their starting salary will support their monthly payments? Consider the other obligations /expenses the student may have. What is the general rule of thumb that is considered safe when looking at debt vs income? What are some of the things you might discuss with your student/client on how to help them reduce their obligation? 3. Calculate the PLUS Loan (Links to an external site.) The parent has borrowed $10,000 each year for 4 years. Calculate how much the total loan will be that the parents will be responsible for. What if the parent decides to have the student pay this loan in addition to all the other loans? (This can really happen) Whose responsibility is it? What would your approach be on this situation? Looking for the best essay writer? Click below to have a customized paper written as per your requirements.