Loan Repayment
Repayment on your loan will begin accruing nine (9) months after you have dropped below half-time status, graduated, withdrawn or have left school for whatever reason.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 |