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Financial Aid & Scholarships
Student Loan Repayment Chart
Estimating Your Student Loan Repayment
| SAMPLE STAFFORD DIRECT LOAN REPAYMENT CHART | ||||
|---|---|---|---|---|
| TOTAL LOAN DEBT | NUMBER OF MONTHS (IN REPAYMENT) | TOTAL MONTHLY REPAYMENT AMOUNT | INTEREST CHARGES (@ 6.8%) | TOTAL PAYMENT (PRINCIPAL+ INTEREST) |
| $3,500.00 | 90 | $50.00 | $941.06 | $4,471.06 |
| $4,500.00 | 120 | $51.79 | $1,714.14 | $6,214.14 |
| $7,500.00 | 120 | $115.08 | $3,809.66 | $13,809.66 |
| $15,000.00 | 120 | $172.62 | $5,714.49 | $20,714.49 |
| $20,000.00 | 120 | $230.16 | $7,619.31 | $27,619.31 |
| $25,000.00 | 120 | $287.70 | $9,524.14 | $34,524.14 |
| $30,000.00 | 120 | $345.24 | $11,428.97 | $41,428.97 |
| $35,000.00 | 120 | $402.78 | $13,333.80 | $48,333.80 |
| $45,000.00 | 120 | $517.86 | $17,143.46 | $62,143.46 |
| $55,000.00 | 120 | $632.94 | $20,953.11 | $75,953.11 |
When you leave school (or drop below half-time enrollment), the last official date of attendance (or separation date) marks the beginning of the loan(s) grace period. Direct Subsidized and Unsubsidized Loans have a six-month grace period before you are required to start making payments.
During the grace period, you will receive a repayment schedule disclosure statement. Before the loan enters the repayment stage, you will need to decide on a repayment plan that works best for your particular situation. If a repayment option is not selected, a Standard Repayment Plan will be assumed. If you have any concerns about the ability to make payments according to the repayment schedule, contact the holder of the loan(s) immediately. The chances are good that there is a repayment option available to fit each individual's particular circumstances.
If you should encounter a financial hardship and making payments becomes difficult, contact the lender or guaranty agency immediately. By taking early action, the lender or guaranty agency may be able to help you avoid default. Some options available include:
- Deferment (postpone monthly payments)
- Forbearance (reduce or delay payments)
- Forgiveness (eliminates the obligation to repay all or part of the loan - primarily granted for permanent or total disability or death)
- Change the repayment plan to a Standard Repayment, Income-Based, Income-Contingent or Graduated Repayment
- Consolidate multiple loans into a single Direct Consolidation Loan