| Misconception: |
Reality: |
| "Loans
aren't part of financial aid." |
Educational
loans truly are a part of financial aid. These are funds borrowed
at low interest rates, with no collateral, often with no interest
while the student is in school AND no payments required until
the student leaves school. Even with these benefits, remember
to always borrow conservatively. |
Use
this chart to estimate future monthly payments. This chart does not show
the effects for those that capitalize interest on unsubsidized Stafford
Loans.
Loan |
4% |
6.5% |
7% |
7.5% |
8% |
8.25% |
$2,625* |
$50.00 |
$50.00 |
$50.00 |
$50.00 |
$50.00 |
$50.00 |
| 3,500* |
50.00 |
50.00 |
50.00 |
50.00 |
50.00 |
50.00 |
4,000* |
50.00 |
50.00 |
50.00 |
50.00 |
50.00 |
50.00 |
| 5,000
|
50.62 |
56.77 |
58.05 |
59.35 |
60.66 |
61.33 |
5,500
|
55.68 |
62.45 |
63.86 |
65.29 |
66.73 |
67.46 |
| 6,000
|
60.75 |
68.13 |
69.67 |
71.22 |
72.80 |
73.59 |
7,000
|
70.87 |
79.48 |
81.28 |
83.09 |
84.93 |
85.86 |
| 7,500
|
75.93 |
85.16 |
87.08 |
89.03 |
91.00 |
91.99 |
8,500
|
86.06 |
96.52 |
98.69 |
100.90 |
103.13 |
104.25 |
| 10,000
|
101.25 |
113.55 |
116.11 |
118.70 |
121.33 |
122.65 |
12,500
|
126.56 |
141.93 |
145.14 |
148.38 |
151.66 |
153.32 |
| 15,000
|
151.87 |
170.32 |
174.16 |
178.05 |
181.99 |
183.98 |
18,500
|
187.30 |
210.06 |
214.80 |
219.60 |
224.46 |
226.91 |
| 25,000
|
253.11 |
283.87 |
290.27 |
296.75 |
303.32 |
306.63 |
30,000
|
303.74 |
340.64 |
348.33 |
356.11 |
363.98 |
367.96 |
This chart
is based on a repayment period of 10 years.
*
The program's minimum monthly payment is $50. To meet the required
minimum payment, your repayment period may be less than 10 years. |
