Student Loan Provisions

Federal regulations regarding student loans are sometimes confusing. We have tried to help you by setting the student loan provisions in a table format. However, please refer to your promissory note for exact details.

**If you were awarded your Federal Perkins Loan AFTER December 18, 2015 please click here for additional required information:


Student Loan Repayment

If you wish to estimate your payment amounts after graduation, use the chart listed below.

Estimated Monthly Loan Payment Table
Total Loan Balance Number of Payments 5% 7% 9% 10%

2,000

36 59.94 61.75 62.67 64.53

2,625

48 60.45 62.86 64.08 66.58
3,000 72 48.31 51.15 52.60 55.57
4,000 108 46.07 50.03 52.08 56.31
5,000 120 53.03 58.05 60.66 66.08
6,000 120 63.64 69.66 72.80 79.29
7,000 120 74.25 81.28 84.93 92.50
8,000 120 84.85 92.89 97.06 105.72
9,000 120 95.46 104.50 109.19 118.93
10,000 120 106.07 116.11 121.33 132.15
12,000 120 127.28 139.33 145.59 158.58
15,000 120 159.10 174.16 181.99 198.23
17,000 120 180.31 197.38 206.26 224.66
20,000 120 212.13 232.21 242.65 264.30
22,500 120 238.65 261.24 272.99 297.34
26,000 120 275.77 301.88 315.45 343.59
30,000 120 318.20 348.32 363.98 396.45
35,000 120 371.23 406.38 424.65 462.53
40,000 120 424.26 464.43 485.31 528.60
45,000 120 477.29 522.49 545.97 594.68
50,000 120 530.33 580.54 606.63 660.75
60,000 120 636.39 696.65 727.97 793.00
70,000 120 742.46 812.76 849.29 925.00
80,000 120 848.52 928.87 970.62 1057.00
90,000 120 954.59 1044.98 1091.95 1189.00
100,000 120 1060.66 1161.08 1213.28 1321.00
Note: The interest rates are variable for Direct Loans and Federal Family Education Loans and are adjusted once a year, on July 1. The other Federal loans have fixed interest rates and remain the same throughout the life of the loan.
  • These figures are fixed payment amounts in which principal and interest are included.
  • Loans are all simple interest loans. Interest is always calculated on the unpaid balance at the time of billing.
  • These amounts are meant to be used as guidelines. The actual payment amount of your loan may vary.



Repayment Provisions
Please select the loan type from below to view its general repayment provisions.




Grace Periods, Deferments and Forbearances

To determine whether you are eligible for any deferments or forbearance, contact the lender who has your specific loan. For instance, contact the Department of Education's Direct Loan Servicing Center for your Direct Loan. If you are not sure who to contact or how, always contact the Financial Aid Office at the school that awarded you the loan(s). In the case of a deferment, for instance, the borrower is expected to make the request to the Direct Loan Servicer, the lender, or the school, depending on the type of loan.




Student Loan Cancellation

Cancellation of a student loan means that the borrower does not have to repay the loan. Typically, student loans are eligible for partial or full cancellation only if the borrower becomes permanently and totally disabled or dies. The Student Loan Cancellation Table gives general cancellation provisions by loan type. For detailed information on cancellation provisions for your loans, please refer to your promissory notes or contact your loan servicer.







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