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EXTRA Loan Annual Percentage Rate (APR) Examples

  Example 1 Example 2 Example 3
Amount Borrowed $5,000.00 $12,000.00 $25,000.00
In-School Period 24 Months 45 Months 45 Months
Grace Period 6 Months 6 Months 6 Months
Variable Rate 7.50% 7.50% 7.50%
APR (prior to repayment) * 7.50% 7.50% 7.50%
Initial Repayment Amount ** $5,937.50 $15,825.00 $32,968.75
Repayment Period 120 Months 180 Months 240 Months
Monthly Payments $70.48 $146.70 $265.59
APR (during repayment) * 7.50% 7.50% 7.50%
 
 
The examples shown above assume a constant interest rate over the life of the loan. Interest on an EXTRA Education Loan accrues at a variable rate, subject to change on a quarterly basis. The actual APR may increase or decrease based upon fluctuations in the variable rate.
 
 
* Because there are no fees charged on the EXTRA loan and interest is calculated on a simple interest basis, the APR will always equal the variable rate.
** Capitalized Interest - Includes interest accrued during the in-school and grace periods that was capitalized at the beginning of the repayment period.
   
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