|
|
|
Federal Perkins Loan
and Federal Nursing Student Loan
The interest rate on Federal
Perkins Loans and Federal Nursing Student Loans are fixed at 5 percent.
Your monthly payment will depend on the size of your debt and the
length of your repayment period. The table below shows typical monthly
payments and total interest charges for three different 5 percent
loans over a 10-year period.
| Total
Loan
Amount |
Number
of Payments |
Approximate
Monthly Payment |
Total
Interest Charges |
Total
Repaid |
$4,000 |
120 |
$42.43 |
$1,091.01 |
$5,091.01 |
$5,000 |
120 |
$53.03 |
$1,364.03 |
$6,364.03 |
| $15,000 |
120 |
$159.10 |
$4,091.73 |
$19,091.73 |
|
| |
| |
| Federal
Stafford Loans
The
table below shows typical monthly payments (rounded to the nearest
whole dollar) under the Standard Repayment Plan using the maximum
interest rate of 8.25 percent. (On the Standard Repayment Plan, borrowers
pay a fixed amount each month--at least $50--for up to 10 years, not
including approved deferment or forbearance periods. The length of
repayment depends upon the loan amount.)
Total
Debt
When Borrower
Enters Repayment
|
Approximate Monthly Payment |
Total
Repaid |
|
$2,500 |
$50 |
$3,074 |
|
$5,000 |
$61 |
$7,359 |
|
$7,500 |
$92 |
$11,039 |
|
$10,000 |
$123 |
$14,718 |
| $15,000 |
$184 |
$22,077 |
|
$31,000 |
$380 |
$45,627 |
|
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