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.
To see how a loan repayment will impact your monthly budget, enter
the loan amount you are considering, the appropriate
interest rate,
and either a monthly payment or number of months for your repayment period.
(Depending on your loan amount, Stafford loans normally have repayment periods up to 10 years.)
To calculate another possible amount click "Clear" to remove the previous information,
then start again.
**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 Stafford Loan
Program.
The interest on Subsidized Stafford Loans is fixed, but will vary based on
the date the loan is made. Review the interest rate table
to find the rate
that applies to your loan. All Unsubsidized Stafford Loans have a fixed rate of 6.8%.
