- Your Student Loan
- Your Monthly Payment
The total lifetime costs of your student loans would be . The total interest that you would pay over years is .
| Year | Initial Balance | Interest Paid | Principal Paid |
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With the cost of college rising to over $50,000 a year in some cases, most students will need to finance the investment in their education. Several loan options are available to most students.
The federal government offers loan programs that tend to have more favorable terms than most private loans. A key benefit of most federal student loans is that, your payments are deferred while you are a student. Some Federal loans are “subsidized”, meaning they don’t accumulate interest during the deferment period.
The most popular federal loan is the Stafford loan, which is available to students regardless of financial need. Stafford loans are available from the government directly or from a lender. Perkins loans are available to students who have the greatest financial need, with priority given to students receiving federal Pell grants, which are awarded to low-income students. Parents of students can also take out federal loans, known as Parental Loans for Undergraduate Students or "PLUS" loans.
| STUDENT LOANS - Categories and Terms (for loans disbursed 2015-2016) | |||||
|---|---|---|---|---|---|
| TYPE | AVAILABLE TO | INTEREST RATE | LOAN LIMIT | ORGININATION FEE | DIFERMENT |
| Subsidized Stafford Loans | Undergraduates With Financial Need | 4.29% | $23,000 (over 4 years for dependent students) | ~1% | Yes - Interest Free while enrolled |
| Unsubsidized Stafford Loans | All Undergraduates | 4.29% | $31,000 (subsidized and unsubsidized combined) (over 4 years for dependent students) | ~1% | Yes - Interest is added to principal on graduation |
| Unsubsidized Stafford Loans | Graduate & Professional Students | 5.84% | $138,500 (including loans for undergraduate study) | ~1% | Yes - Interest is added to principal on graduation |
| PLUS Loans | Graduate & Professional Students (credit check required) Parents of Undergraduates | 6.84% | Cost of attendence, minus other financial aid | ~4.3% | Yes - Interest is added to principal on graduation |
| Perkins Loans | Students with Financial Need - only available at participating schools | 5% | $5,000 per year for 5 years (Undergraduates) $8,000 per year (graduates with a limit of $60,000 for undergrad and grad loans combined) | None | Yes - Interest is added to principal on graduation |
| Private Loans (Non-Federal) | All Students (Qualification based on credit) | Variable (Can be over 10%) | None | Variable | Variable |