Repayment on your loan will begin accruing nine (9) months after you have dropped below half-time status, graduated, withdrawn or have left school for whatever reason. Repayment is required even if you are displeased with your education, do not graduate, or cannot find a job.
The following schedule can help you determine the amount to be repaid by adding the total interest to the amount borrowed.
Total Amount Borrowed # of Monthly Payments Monthly Payment Total Interest (5% fixed interest) $1,000 27 $40.00 $58.24 $2,000 56 $40.00 $247.37 $3,000 90 $40.00 $604.55 $4,000 120 $42.43 $1,091.01 $5,000 120 $53.03 $1,363.71 $6,000 120 $63.63 $1,636.45 $7,000 120 $74.24 $1909.50 $8,000 120 $84.85 $2182.29 $9,000 120 $95.45 $2,454.67 $10,000 120 $106.07 $2,727.86 $11,000 120 $116.67 $3,000.65 $12,000 120 $127.27 $3,272.90 $13,000 120 $137.49 $3,546.22 $14,000 120 $148.49 $3,819.01 $15,000 120 $159.10 $4,092.00 $16,000 120 $169.70 $4,364.58 $17,000 120 $180.31 $4,637.37 $18,000 120 $190.92 $4,910.15 $19,000 120 $201.52 $5,182.94 $20,000 120 $212.13 $5,445.72