Federal student loans
Private student loans
Federal student loans
Stafford Loan
- The interest rate on Stafford loans first disbursed beginning July 1, 2008:
- Subsidized Stafford loans for undergraduate students has a declining fixed interest rate.
- July 1, 2008–June 30, 2009 the interest rate is 6%.
- July 1, 2009–June 30, 2010 the interest rate is 5.6%.
- July 1, 2010–June 30, 2011 the interest rate is 4.5%.
- July 1, 2011–June 30, 2012 the interest rate is 3.4%.
- Beginning July 1, 2012 the rate is 6.8%.
- Subsidized Stafford loans for graduate and professional student and all unsubsidized Stafford loans is 6.8%.
- The interest rate on Stafford loans first disbursed beginning July 1, 2006 is fixed at 6.8%.
- The interest rate on Stafford loans first disbursed on or after July 1, 1998 but before June 30, 2006 is variable. and may change on July 1 of each year but will never exceed 8.25%. The rate is based on:
- The 91-day T-bill rate + 1.70% during in-school, grace, and deferment periods.
- Starting July 1, 2008 the interest rate on variable rate loans is 3.61%.
- The 91-day T-bill rate + 2.30% during repayment periods.
- Starting July 1, 2008, the interest rate on variable rate loans is 4.21%.
PLUS loan
- The interest rate on PLUS loans first disbursed beginning July 1, 2006 is fixed at 8.5%.
- The interest rate on PLUS loans first disbursed on or after July 1, 1998 but before June 30, 2006 is variable and may change annually on July 1 but will never exceed 9%. The current interest rate on these variable rate PLUS loans is 8.02%.
Federal Student Loan Consolidation
Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.
- The fixed interest rate for consolidation loans varied from borrower to borrower but is generally expected to range from 4.75% to 6.125%. Interest rates are based on the borrower's underlying loans' primary rates and do not include discounts for interest reduction benefits. Special rules apply to consolidation loans that include HEAL loans.
- Different interest rates apply to federal Stafford, PLUS, and consolidation loans issued before July 1, 1998.
Private student loans
The following Annual Percentage Rate (APR) examples include sample rates and fees for Sallie Mae’s private student loans. The actual rates and fees applicable to your loan may vary from these numbers shown. Sallie Mae is switching from a Prime Rate index to a one-month London Interbank Offered Rate (LIBOR) index for loans first disbursed on or after June 2, 2008. During this transition, we are providing APR examples for both the Prime Rate and one-month LIBOR rate indexes. Your promissory note will identify the actual index that applies to your loan.
The APRs shown are APRs effective as of May 27 or 29, 2008.
Annual Percentage Rate (APR) examples:
- The APR is a variable rate and will increase if the applicable index (Prime Rate or one-month LIBOR rate) increases. For purposes of these APR examples, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27 or 29, 2008.
- All loan fees are capitalized (added to the loan principal).
APR examples:
| Prime – 1% | 0% | 0% | 3.89% | $86 |
Prime – 0.25% | 0% | 0% | 4.60% | $93 |
Prime + 0% | 0% | 0% | 4.83% | $95 |
Prime + 0.5% | 0% | 0% | 5.30% | $100 |
Prime + 1% | 0% | 0% | 5.76% | $105 |
Prime + 2.5% | 3% | 3% | 7.71% | $128 |
Prime + 6% | 0% | 3% | 10.51% | $170 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year standard repayment term.
APR examples
One-month LIBOR + 2% | 0% | 0% | $91 | 4.36% |
One-month LIBOR + 10.5% | 3% | 3% | $205 | 12.53% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
APR examples:
Prime – 0.5% | 0% | 0% | 4.45% | $50 |
Prime + 0% | 0% | 0% | 4.94% | $50 |
Prime + 1.5% | 0% | 0% | 6.40% | $50 |
Prime + 2.0% | 0% | 0% | 6.89% | $52 |
Prime + 3.0% | 0% | 3% | 8.22% | $57 |
Prime + 6.5% | 0% | 3% | 11.58% | $75 |
APR assumptions:
The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.The APRs shown are APRs effective as of May 29, 2008. A $5,000 loan amount.APR examples are based on a 15-year standard repayment term.One-month LIBOR + 3.25% | 3% | 3% | $50 | 6.38% |
One-month LIBOR + 10.5% | 3% | 3% | $85 | 13.40% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $5,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
Immediate repayment of principal and interest
Prime + 0% | 0% | 5.00% | $66 |
Prime + 3% | 3% | 8.40% | $86 |
Prime + 5.5% | 5% | 11.24% | $105 |
Interest only
Prime + 1% | 2% | 6.20% | $74 |
Prime + 4.5% | 4.5% | 10.05% | $98 |
Prime + 6% | 6% | 11.79% | $110 |
Deferral of principal and interest
Prime + 1.5% | 2% | 6.40% | $98 |
Prime + 5% | 5% | 9.82% | $145 |
Prime + 6.5% | 6.5% | 11.26% | $170 |
Assumptions:
- A $10,000 loan, plus the supplemental fee, with one disbursement, and a 240-month repayment term.
- The APRs shown are effective as of May 29, 2008.
- Interest-only and deferral repayment option: 45 months in school and six-month grace period with quarterly capitalization.
APR examples:
- Repayment begins at least 28, but no more than 60 days after the loan's disbursement for all repayment options.
*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner (if there is a cosigner). For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).
Standard
| Requested loan amount | $8,700 | $8,700 | $8,700 |
| Loan fee for borrower with one cosigner | $60 | $321 | $582 |
| Total loan amount | $8,760 | $9,021 | $9,282 |
| APR | 5.10% | 7.58% | 12.71% |
| Interest rate | Prime | Prime + 2% = 7.00% | Prime + 6.5% = 11.50% |
| Monthly principal and interest payments | $69 for 180 months | $81 for 180 months | $108 for 180 months |
Interest-only
| Requested loan amount | $8,700 | $8,700 | $8,700 |
| Loan fee for borrower with one cosigner | $60 | $321 | $582 |
| Total loan amount | $8,760 | $9,021 | $9,282 |
| APR | 5.10% | 7.54% | 12.64% |
| Interest rate | Prime | Prime + 2% = 7.00% | Prime + 6.5% = 11.50% |
| Monthly interest-only payments | $37 for 12 months | $53 for 12 months | $89 for 12 months |
| Monthly principal and interest payments | $69 for 180 months | $81 for 180 months | $108 for 180 months |
Deferment
| Requested loan amount | $8,700 | $8,700 | $8,700 |
| Loan fee for borrower with one cosigner | $147 | $321 | $582 |
| Total loan amount | $8,847 | $9,021 | $9,282 |
| APR | 6.61% | 8.49% | 12.45% |
| Interest rate | Prime + 1% = 6.00% | Prime + 3% = 8.00% | Prime + 6.5% = 11.50% |
| Monthly deferred payments | $10 for 12 months | $10 for 12 months | $10 for 12 months |
| Monthly principal and interest payments | $78 for 180 months | $92 for 180 months | $120 for 180 months |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- Minimum monthly payment is $30 for standard repayment.
- Minimum monthly payment is $10 for deferment repayment during deferment.
APR examples:
- Repayment begins at least 28, but no more than 60 days after the loan's disbursement for all repayment options.
*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier. Your rate and fee may vary from those shown. All loan fees are capitalized (added to the loan principal).
Standard
| Requested loan amount | $4,500 | $4,500 | $4,500 |
| Loan fee for borrower with one cosigner | $60 | $195 | $330 |
| Total loan amount | $4,560 | $4,695 | $4,830 |
| Interest rate | Prime | Prime + 2% = 7.00% | Prime + 6.5% = 11.50% |
| APR | 5.69% | 7.69% | 12.83% |
| Monthly principal and interest payments | $36 for 180 months | $42 for 180 months | $56 for 180 months |
Interest-only
| Requested loan amount | $4,500 | $4,500 | $4,500 |
| Loan fee for borrower with one cosigner | $60 | $195 | $330 |
| Total loan amount | $4,560 | $4,695 | $4,830 |
| Interest rate | Prime | Prime + 2% = 7.00% | Prime + 6.5% = 11.50% |
| APR | 5.18% | 7.63% | 12.75% |
| Monthly interest-only payments | $19 for 12 months | $27 for 12 months | $43 for 12 months |
| Monthly principal and interest payments | $36 for 180 months | $42 for 180 months | $56 for 180 months |
Deferment
| Requested loan amount | $4,500 | $4,500 | $4,500 |
| Loan fee for borrower with one cosigner | $105 | $195 | $330 |
| Total loan amount | $4,605 | $4,695 | $4,830 |
| Interest rate | Prime + 1% = 6.21% | Prime + 3% = 8.49% | Prime + 6.5% = 12.45% |
| APR | 6.31% | 8.49% | 11.50% |
| Monthly deferred payments | $10 for 12 months | $10 for 12 months | $10 for 12 months |
| Monthly principal and interest payments | $40 for 180 months | $47 for 180 months | $62 for 180 months |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- Minimum monthly payment is $30 for standard repayment.
- Minimum monthly payment is $10 for deferment repayment during deferment.
APR examples:
| Prime – 0.50% | 0% | 0% | 4.23% | $99 |
Prime + 0.75% | 0% | 0% | 5.32% | $114 |
Prime + 2.0% | 0% | 0% | 6.37% | $131 |
Prime + 0.25% | 0% | 0% | 5.10% | $108 |
Prime + 1.25% | 0% | 0% | 5.95% | $121 |
Prime + 2.50% | 0% | 0% | 6.99% | $138 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year standard repayment term.
APR examples
One-month LIBOR + 2% | 0% | 0% | $99 | 4.23% |
One-month LIBOR + 9.5% | 0% | 0% | $215 | 10.30% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of April 25, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
DENTALoans Residency, Relocation, and Licensure Exam Loan
APR examples:
| Prime – 0.50% | 0% | 0% | 4.41% | $111 |
Prime + 0.75% | 0% | 0% | 5.59% | $127 |
Prime + 2.0% | 0% | 0% | 6.77% | $145 |
Prime + 0.25% | 0% | 0% | 5.12% | $120 |
Prime + 1.25% | 0% | 0% | 6.07% | $134 |
Prime + 2.50% | 0% | 0% | 7.23% | $153 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $15,000 loan amount.
- APR examples are based on a 20-year standard repayment term.
| APR examples
One-month LIBOR + 2% | 0% | 0% | $110 | 4.41% |
One-month LIBOR + 9.5% | 0% | 0% | $236 | 11.29% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $15,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
GHELP Stafford loan
Loans first disbursed July 1, 2008–June 30, 2009.
Interest rate
- 6.8% for all unsubsidized Stafford loans
- 6.8% for subsidized Stafford loans for graduate and professional students
Fees
Up to 2% in fees that include a 1% federal origination fee and a 1% federal default fee.
Sample GHELP Private Loan
APR examples:
| Prime – 1% | 0% | 0% | 3.84% | $356 |
Prime + 0% | 0% | 0% | 4.75% | $397 |
Prime + 1.25% | 0% | 0% | 5.87% | $452 |
Prime + 2% | 0% | 0% | 6.53% | $487 |
Prime – 1% | 0% | 0% | 3.84% | $356 |
Prime + 1% | 0% | 3% | 5.91% | $454 |
Prime + 1.5% | 3% | 3% | 6.61% | $492 |
Prime + 3% | 3% | 3% | 7.92% | $570 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For the purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- $10,000 loan taken out each year of a four-year course of study, with two disbursements per loan, one per semester/term.
- APR examples are based on a 15-year standard repayment term.
APR examples:
One-month LIBOR + 2% | 0% | 0% | $99 | 4.23% |
One-month LIBOR + 10.5% | 3% | 3% | $249 | 11.53% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
Sample GHELP Residency & Relocation Loan
| Prime – 0.25% | 0% | 3% | 4.89% | $117 |
Prime + 1% | 0% | 3% | 6.08% | $134 |
Prime + 3% | 0% | 3% | 7.96% | $166 |
Prime + 0.5% | 0% | 3% | 5.61% | $127 |
Prime + 2% | 0% | 3% | 7.03% | $150 |
Prime + 4% | 0% | 3% | 8.89% | $184 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- $15,000 loan taken in fourth or final year of study.
- APR examples are based on a 20-year standard repayment term.
APR examples:
One-month LIBOR + 2% | 0% | 0% | $110 | 4.41% |
One-month LIBOR + 10.5% | 3% | 3% | $273 | 12.77% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $15,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
APR examples:
- Repayment begins at least 28, but no more than 60 days after the loan's disbursement.
*The interest rates and fees represent examples of typical transactions with a cosigner. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees may fall within the "good" credit tier. Your rates and fees may vary from those shown. All loan fees are capitalized (added to the loan principal).
| Requested loan amount | $12,000 | $12,000 | $12,000 |
| Loan fee for borrower with one cosigner | $60 | $420 | $660 |
| Total loan amount | $12,060 | $12,420 | $12,660 |
| APR | 5.06% | 7.45% | 10.79% |
| Interest rate | Prime | Prime + 2% = 7.00% | Prime + 5% = 10.00% |
| Monthly principal and interest payments | $80 for 240 months | $96 for 240 months | $112 for 240 months |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- Minimum monthly payment is $30 for standard repayment.
APR examples:
| Prime – 0.75% | 0% | 0% | 4.24% | $78 |
Prime – 0.50% | 0% | 0% | 4.49% | $79 |
Prime – 0.25% | 0% | 0% | 4.74% | $81 |
Prime + 0% | 0% | 0% | 4.99% | $82 |
Prime + 0.25% | 0% | 0% | 5.49% | $84 |
Prime + 0.5% | 0% | 0% | 5.49% | $85 |
Prime + 1.0% | 0% | 0% | 5.99% | $88 |
Prime + 1.5% | 0% | 0% | 6.49% | $91 |
Prime + 3.0% | 0% | 0% | 7.98% | $101 |
Prime + 4.0% | 0% | 0% | 8.97% | $108 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year standard repayment term.
APR examples:
One-month LIBOR + 2% | 0% | 0% | $119 | 4.49% |
One-month LIBOR + 10.5% | 3% | 3% | $221 | 13.94% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $15,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
APR examples:
| Prime – 0.75% | 0% | 0% | 4.16% | $86 |
Prime – 0.25% | 0% | 0% | 4.64% | $90 |
Prime + 0.50% | 0% | 0% | 5.35% | $97 |
Prime + 1.0% | 0% | 0% | 5.82% | $101 |
Prime + 1.5% | 0% | 0% | 6.29% | $106 |
Prime + 3.5% | 0% | 0% | 8.15% | $126 |
Prime + 5.0% | 0% | 0% | 9.51% | $143 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year standard repayment term.
APR examples:
One-month LIBOR + 2% | 0% | 0% | $88 | 4.40% |
One-month LIBOR + 10.5% | 3% | 3% | $192 | 12.86% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
APR examples:
Prime – 1% | 0% | 0% | 3.96% | $80 |
Prime – 0.75% | 0% | 0% | 4.21% | $82 |
Prime – 0.25% | 0% | 0% | 4.70% | $85 |
Prime + 0% | 0% | 0% | 4.94% | $87 |
Prime + 0.25% | 0% | 0% | 5.19% | $89 |
Prime + 0.5% | 0% | 0% | 5.43% | $91 |
Prime + .75% | 0% | 0% | 5.67% | $93 |
Prime + 1% | 0% | 0% | 5.92% | $95 |
Prime + 1.5% | 0% | 0% | 6.40% | $99 |
Prime + 2% | 0% | 0% | 6.89% | $103 |
Prime + 2.5% | 0% | 0% | 7.37% | $107 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year standard repayment term.
APR examples:
One-month LIBOR + 2% | 0% | 0% | $84 | 4.45% |
One-month LIBOR + 10.5% | 3% | 3% | $171 | 13.40% |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $10,000 loan amount.
- APR examples are based on a 15-year repayment of principal and interest.
APR examples:
Prime + 0% | Prime + 2% | 0% | 1.5% | 5.89% | $105 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $10,000 loan amount.
- APR examples are based on a 20-year standard repayment term.
APR examples:
One-month LIBOR + 3.0% | One-month LIBOR + 5.5% | 0% | 0% | 6.48% | $114 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $10,000 loan amount.
- APR examples are based on a 20-year repayment of principal and interest.
APR examples:
Prime + 1% | Prime + 2% | 0% | 1.5% | 6.64% | $143 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- A $15,000 loan amount.
- APR examples are based on a 20-year standard repayment term.
APR examples:
One-month LIBOR + 4.0% | One-month LIBOR + 5.5% | 0% | 0% | 7.31% | $155 |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 27, 2008.
- A $15,000 loan amount.
- APR examples are based on a 20-year repayment of principal and interest.
APR examples:
- Repayment begins at least 28, but no more than 60 days after the loan's disbursement.
*The interest rates and fees represent examples of typical transactions. A range of rates and fees exists within each credit tier (excellent, good, fair), based on the credit rating of the borrower and cosigner, if there is a cosigner. For example, if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees may fall within the "good" credit tier. Your rates and fees may vary from those shown. All loan fees are capitalized (added to the loan principal).
Standard
| Requested loan amount | $6,100 | $6,100 | $6,100 |
| Loan fee for borrower with one cosigner | $60 | $243 | $426 |
| Total loan amount | $6,160 | $6,343 | $6,526 |
| Interest rate | Prime | Prime + 2% = 7.00% | Prime + 6.5% = 11.50% |
| APR | 5.15% | 7.63% | 12.76% |
| Monthly principal and interest payments | $49 for 180 months | $57 for 180 months | $76 for 180 months |
APR assumptions:
- The Annual Percentage Rate (APR) is a variable rate and will increase if the Prime Rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
- The APRs shown are APRs effective as of May 29, 2008.
- Minimum monthly payment is $30 for standard repayment.