Below are repayment examples for the Federal Perkins Loan Program for illustrative purposes. As you will see, there is a cost associated with borrowing. However, the Federal Perkins Loan Program offers a 5% fixed interest rate and a ten year repayment term. In addition, there are deferment provisions and cancellation provisions for this loan program which make it a highly sought after loan program by many.
Perkins Loan Amount of $5,000 would have a monthly payment of $53.03 and a total repayment amount of $ 6,363.60.
Perkins Loan Amount of $7,000 would have a monthly payment of $74.25 and a total repayment amount of $ 8,910.00.
Perkins Loan Amount of $10,000 would have a monthly payment of $106.07 and a total repayment amount of $ 12,728.40.
Perkins Loan Amount of $12,000 would have a monthly payment of $127.28 and a total repayment amount of $15,273.60.
Please note that total repayment amount includes principal owed plus interest. Standard Repayment Plan term is 10 years (120 months) in these examples. The Federal Perkins Loan offers a Fixed Interest Rate of 5.0%
CALCULATIONS ARE ESTIMATED VALUES and MAY NOT REFLECT THE ACTUAL EXACT AMOUNT COMPUTED BY THE DIRECT LOAN SERVICING CENTER.
For loan repayment calculators, check out the loan calculators offered by the U.S. Department of Education. These are a must use guide before deciding to borrow loans for college. Be sure to note the true cost of borrowing, which equals the principal amount borrowed plus any accrued interest.
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