Repayment and Interest Tables
Important Terms
Monthly Payments
Use the Monthly Payment Table to estimate your monthly payments. The amounts shown are for loans of $1,000. To calculate your payment, multiply the appropriate payment by the number of thousands of dollars you borrowed.For example, if you borrowed $5,000 at 8% interest, your monthly payment on a five-year repayment schedule would be $101.40 ($20.28 multiplied by 5).
According to national statistics, the average undergraduate indebtedness for borrowers graduating in 1990 was $6,742 for public 4-year institutions and $10,561 for private 4-year institutions.
Capitalization
If you are a Federal SLS or unsubsidized Stafford Loan borrower you are responsible for all interest that accrues to your loan during in-school, grace and deferment periods. During these periods, you can either make monthly or quarterly interest payments, or ask your lender to capitalize the interest (add the interest to the principal balance).
The following examples demonstrate how interest may be handled during in-school, grace and deferment periods, and how your monthly payments will be affected depending on how you choose to handle the interest. The examples are based on a $4,000 debt at 8% interest with a 10-year repayment period.
Per $1,000 of Debt
Interest Rate Repayment Period
1 yr. 2 yr. 3 yr. 4 yr. 5 yr.
7% $86.53 $44.78 $30.88 $23.95 $19.81
8% 86.99 45.23 31.34 24.42 20.28
8.25% 87.10 45.34 31.45 24.53 20.40
9% 87.46 45.69 31.80 24.89 20.76
10% 87.92 46.15 32.27 25.37 21.25
Interest Rate Repayment Period
6 yr. 7 yr. 8 yr. 9 yr. 10 yr.
7% $17.05 $15.10 $13.64 $12.51 $11.62
8% 17.54 15.59 14.14 13.02 12.14
8.25% 17.66 15.71 14.26 13.15 12.27
9% 18.03 16.09 14.66 13.55 12.67
10% 18.53 16.61 15.18 14.08 13.22
Quarterly and Single Capitalization over a two-year period
Loan Amount Principal Monthly Payment, Total Cost at 8% After to Borrower 10-yr. period Capitalization $4,000 Quarterly $4,687 $56.86 $6,823 Single 4,640 56.30 6,756 $6,000 Quarterly 7,030 85.29 10,235 Single 6,960 84.44 10,133 $10,000 Quarterly 11,717 142.16 17,059 Single 11,600 140.74 16,889 Loan Amount Principal Monthly Payment, Total Cost at 10% After to Borrower 10-yr. period Capitalization $4,000 Quarterly $4,874 $64.41 $7,729 Single 4,800 63.43 7,612 $6,000 Quarterly 7,310 96.61 11,593 Single 7,200 95.15 11,418 $10,000 Quarterly 12,184 161.01 19,321 Single 12,000 158.58 19,030
Loan Repayment Rights and Responsibilities
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