College Loans

I will likely utilize a government subsidized loan.  With a subsidized loan, you aren't required to begin making payments until you graduate.

If I took out a $5,000 loan for each of my first four years of college, I would have a total loan amount of $20,000.  Therefore, P=20,000.  The interest rate on a subsidized loan is 3.86%, so r=0.0386.  I will pay back the loan over 20 years, so t=20.
A=P(1+r)^t
A=20,000(1.0386)^20   = $42,657.59 total/240 months = $177.74 per month = $41.02 per week = $5.84 per day

Other loan options include government non-subsidized loans, credit union loans, or bank loans.  Non-subsidized loans have an interest rate of 3.86%, like subsidized loans, but payments begin before graduating.  The interest rate on credit union loans begins at 2.76% for a variable rate private student loan and 6.74% for a fixed rate private student loan.  A typical bank loan would have an interest rate of 5.49%.