| Repayment Term | Interest Rate | APR | Projected Monthly Payment | Total Cost of Loan |
|---|---|---|---|---|
| Fixed | Low2 - High3 | Low2 - High3 | Low2 - High3 | Low2 - High3 |
| 7 Years | X.XXX% – X.XXX% | X.XXX% – X.XXX% | $XX.XX – $XXX.XX | $XX,XXX.XX – $XX,XXX.XX |
| 10 Years | X.XXX% – X.XXX% | X.XXX% – X.XXX% | $XX.XX – $XXX.XX | $XX,XXX.XX – $XX,XXX.XX |
| 15 Years | X.XXX% – X.XXX% | X.XXX% – X.XXX% | $XX.XX – $XXX.XX | $XX,XXX.XX – $XX,XXX.XX |
| Variable | Low2 - High3 | Low2 - High3 | Low2 - High3 | Low2 - High3 |
| 7 Years | X.XXX% – X.XXX% | X.XXX% – X.XXX% | $XX.XX – $XX.XX | $XX,XXX.XX – $XX,XXX.XX |
| 10 Years | X.XXX% – X.XXX% | X.XXX% – X.XXX% | $XX.XX – $XX.XX | $XX,XXX.XX – $XX,XXX.XX |
| 15 Years | X.XXX% – X.XXX% | X.XXX% – X.XXX% | $XX.XX – $XX.XX | $XX,XXX.XX – $XX,XXX.XX |
Immediate Fixed
Interest Rate: X.XXX% – X.XXX%
X.XXX% – X.XXX% APR
Projected Monthly Payment: $XX.XX – $XXX.XX
Total Cost of Loan: $XX,XXX.XX – $XX,XXX.XX
Immediate Variable
Interest Rate: X.XXX% – X.XXX%
X.XXX% – X.XXX% APR
Projected Monthly Payment: $XX.XX – $XX.XX
Total Cost of Loan: $XX,XXX.XX – $XX,XXX.XX
Interest–Only Fixed
Interest Rate: X.XXX% – X.XXX%
X.XXX% – X.XXX% APR
Projected Monthly Payment: $XX.XX – $XXX.XX
Total Cost of Loan: $XX,XXX.XX – $XX,XXX.XX
Interest–Only Variable
Interest Rate: X.XXX% – X.XXX%
X.XXX% – X.XXX% APR
Projected Monthly Payment: $XX.XX – $XX.XX
Total Cost of Loan: $XX,XXX.XX – $XX,XXX.XX
Deferred Fixed
Interest Rate: X.XXX% – X.XXX%
X.XXX% – X.XXX% APR
Projected Monthly Payment: $XX.XX – $XXX.XX
Total Cost of Loan: $XX,XXX.XX – $XX,XXX.XX
Deferred Variable
Interest Rate: X.XXX% – X.XXX%
X.XXX% – X.XXX% APR
Projected Monthly Payment: $XX.XX – $XX.XX
Total Cost of Loan: $XX,XXX.XX – $XX,XXX.XX
1 APR or "annual percentage rate," projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in two equal disbursements with a 7, 10, or 15 year repayment. Lowest rates require immediate repayment. The examples assume a 0.50% interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account. Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic payment benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic payment. Borrowers enrolled in immediate or interest-only repayment are eligible to enroll in automatic payment once all disbursements on the loan have been made and the loan is considered fully disbursed. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One-Month London Interbank Offered Rate (“LIBOR”) as of the last business day of the previous month plus your applicable margin. As of August 31, 2020 the One–Month LIBOR rate is 0.16%.
2 The low in each column assumes immediate repayment.
3 The high in each column assumes deferred repayment.
Most Bang for Your Buck
Don't want to wait to pay back your student loan? No problem. Immediate Repayment offers parents and graduate students a low–cost alternative to the federal PLUS loan and is a great pay as you go option. This plan is ideal for working undergrad and graduate students who are looking to save while funding their higher education expenses.
In Your Best Interest
Looking for a way to cut the cost of your college loan, but don't want immediate repayment? The Interest–Only Repayment plan provides students with an affordable way to minimize interest expense after college. Perfect for parents, this plan allows parents the ability to contribute towards the cost of college without the commitment of monthly principal payments.
Making an Investment
Who doesn't like options? As a competitive alternative to the federal PLUS loan, the Deferred Repayment plan offers parents and students seeking the most flexibility managing college costs. You can always reduce the overall cost of your loan by making additional payments when you have the extra cash. There is never a penalty for prepaying. Pay a lot or pay none while in–school. It's your choice.