Education loans are one of the
best investments a person can make. A college education opens doors
to many more opportunities than a high school diploma. However,
loans must be repaid, usually with interest. It is very important to
borrow only the funds you need to get through school. Budget
carefully and borrow as little money as you need. Don't be tempted
to borrow the maximum if you don't need that much! You will regret
it later at payback time!
To see how a loan repayment will impact your monthly budget, enter
the amount you are thinking of borrowing and either a monthly
payment or the number of months you expect for your repayment
period. (Depending on your loan amount, PLUS loans normally have
repayment periods up to 10 years.) To calculate another possible
amount click "Clear" to remove the previous information,
then start again.
Note:
*The above
calculation assumes a 10-year repayment period. You save interest by
repaying your loan faster. If you are calculating payment for a
fairly small loan, the calculations above may not reflect the
minimum monthly payment of $50 required in the PLUS Loan Program.
**CFI credits an
amount back to the borrower that, in effect, offsets the origination
fee. As a result you have a lower balance upon entering repayment.
