Undergraduate Loan Rates & Repayment

¹The current interest rate in effect as of   ranges from  % to  %. The applicable interest rate for each calendar quarter shall be based on the average of the one-month London Interbank Offered Rate ("LIBOR") published in the "Money Rates" section of The Wall Street Journal (Eastern Edition) on the 1st day of each of the three previous calendar months, or the next business day thereafter, rounded to the nearest 1/100th percent (.01%). The variable interest rate and Annual Percentage Rate (APR) may be higher depending upon the applicant's and cosigner's credit history and will increase or decrease if the one-month LIBOR index changes. The LIBOR index for the current calendar quarter is  %. APRs range from  % to  %. The low APR example assumes a $10,000 loan made in two disbursements with immediate repayment, a monthly principal and interest payment of   (there is a minimum monthly payment of $50), a 5-year repayment term (60 months), no origination fee, and a  % interest rate (in effect as of  ). With a 5-year repayment term, current interest rates can range from  % to  % depending on your or your cosigner's credit history and the repayment option selected. The high APR example assumes a $10,000 loan made in two disbursements with full deferment while in school (up to 66 months), a monthly principal and interest payment of   (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), no origination fee, and a  % interest rate (in effect as of  ). Repayment terms and options may vary depending upon the amount borrowed. The interest rate is variable. Your variable interest rate and APR may be higher depending upon you and your cosigner's credit history and repayment option and term selected and will increase or decrease if the one-month LIBOR index changes.

²The 15 year repayment term is available only for loans of $5,000 or more. For full repayment examples, use the "Compare Your Options" tool on this page.

³The Immediate Repayment option offers the maximum savings over the life of the loan. Your principal and interest payments will begin approximately 45 days after the last disbursement of funds.

⁴The Interest Only option gives you a head start on repaying your loan; compared to the fully deferred payment option, you'll pay less in interest after graduation. Starting approximately 45 days after your first loan disbursement and throughout the in-school deferment period (for a maximum of five years) you will make interest-only monthly payments that are equal to the accrued interest on the outstanding principal balance. At the end of the deferment and grace period, principal and interest payments start. For details, consult IRS Publication 970.

⁵The Student Starter option requires you to pay a minimum amount of $25 per month while you are in school, which will be applied to accrued and unpaid interest. This option will reduce the amount of interest you pay after graduation and can help you build good bill-paying habits. The $25 payment begins approximately 45 days after your first loan disbursement and is required throughout the deferment period (for a maximum of five years) and grace period. The accrued and unpaid interest that is not covered by this partial payment will be capitalized (added to the principal balance) at the beginning of the repayment period. At the end of the deferment and grace period, principal and interest payments start. The Student Starter option is available only for loan amounts of $5,000 or more.

⁶With the Full Deferment option, you may defer all payments until after graduation if you are unable to make any principal or interest payments while in school. This means you would make no payments while enrolled at least half-time at an eligible school for up to five years. At that time, all of the accrued interest will be capitalized (added to the principal balance) at repayment. Subject to the 5-year deferment limit, you would begin making payments of principal and interest approximately 180 days (6 months) after you graduate or cease to be enrolled at least half-time at an eligible school.

⁷For full repayment examples, use the "Compare Options" tool on this page.

⁸The examples calculated in this repayment tool use interest rates currently in effect and assume that the loan has two disbursements and both disbursements are made. Your actual loan details may vary from this estimate based on the final options you select and the interest rates in effect at the time your loan application is submitted. ALL EXAMPLES GIVEN IN THE COMPARE OPTION TOOL ARE ESTIMATES. The loan terms described are subject to change.

⁹These examples assume a loan amount requested of $10,000. The minimum loan amount is $2,000, although the 15-year (180 month) principal and interest repayment term and the Student Starter (partial interest payment) option are available only for loan amounts of $5,000 or more. The maximum loan amount is the lesser of the loan amount certified by your school or $65,000, whichever is less.

¹⁰Interest rates for the Union Federal Private Student Loan program are variable. The applicable interest rate for each calendar quarter shall be based on the average of the one-month London Interbank Offered Rate ("LIBOR") published in the "Money Rates" section of The Wall Street Journal (Eastern Edition) on the 1st day of each of the three previous calendar months, or the next business day thereafter, rounded to the nearest 1/100th percent (.01%).

¹¹The Current Interest Rates used in this estimate are in effect as of  . Interest rates in the Union Federal Private Student Loan program are variable. The applicable interest rate for each calendar quarter shall be based on the average of the one-month London Interbank Offered Rate ("LIBOR") published in the "Money Rates" section of The Wall Street Journal (Eastern Edition) on the 1st day of each of the three previous calendar months, or the next business day thereafter, rounded to the nearest 1/100th percent (.01%). The variable interest rate and Annual Percentage Rate (APR) may be higher depending upon the applicant's and cosigner's credit history and will increase or decrease if the one-month LIBOR index changes. The LIBOR index in effect for the current calendar quarter is %. The interest rate for each calendar quarter is calculated by adding the quarterly LIBOR index (as described above) to a margin. Margins currently range from  % to  % depending on your or your cosigner's credit history and the repayment option and term selected.

¹²The Annual Percentage Rate (APR) is the measure of what a loan will cost. It takes into account the rate, fees, length of the loan and the timing of all payments. The APR will increase/decrease if the LIBOR index increases/decreases, as described in footnote 1.

¹³The Monthly Payment (While in School) is the payment that will be made while you are enrolled in school and depends upon the repayment option you choose.

The Immediate Repayment option offers the maximum savings over the life of the loan. In this repayment option, your principal and interest payments will begin approximately 45 days after the final disbursement of funds. The interest rate will change quarterly if the quarterly average of the one-month LIBOR index changes. Monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. Minimum monthly payments of the loan's combined principal and interest will be at least $50.

For the Interest Only option, you will make interest-only monthly payments that are equal to the accrued interest on the outstanding principal balance, starting approximately 45 days after your first loan disbursement and throughout the deferment period (for a maximum of 66 months). Making these interest payments gives you a head start on repaying your loan by reducing the amount of interest you would otherwise pay after graduation. If your loan is disbursed in multiple disbursements, the estimated amount of the "Monthly Payment (While in School)" shown above reflects the interest payment that would be made after the final disbursement for the remainder of the in-school deferment period. Please note that if your graduation date is more than 66 months after the first disbursement date, after making up to 66 interest-only payments (depending on length of enrollment), the estimated monthly principal and interest payment shown above would be made for the remainder of your indicated in-school period after the allowable 66-month interest-only period expires.

The Student Starter (partial interest payment) option will require you to pay $25 per month while you are in school, which will be applied to any accrued and unpaid interest. This option will reduce the amount of interest you pay after graduation and can help you build good bill-paying habits. The interest-only $25 payment begins approximately 45 days after the first loan disbursement and is required throughout the deferment period (for a maximum of five years) and grace period. During the in-school period, the partial interest payments may not cover the entire amount of interest due each month. The accrued and unpaid interest that is not covered by this partial payment will be capitalized (added to the principal balance) as of the last day of the deferment period.

With the Full Deferment option, you may defer all payments until the earlier of graduation, or 66 months after the first loan disbursement. This means you would make no payments while enrolled at least half time at an eligible school for up to five years, plus a six-month grace period. At that time, all of the accrued interest will be capitalized (added to the principal balance) at repayment. Please note that if your graduation date is more than 66 months after the first disbursement date, the estimated monthly principal and interest payment disclosed would be made for the remainder of your indicated in-school period after the allowed 66-month deferment period expires.

¹⁴The Monthly Payment during Repayment is the combined principal and interest payment amount following in-school deferment (if any). The first year of principal and interest repayment has the same monthly payment each month. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Each year, your monthly payment may go up or down, depending on whether the LIBOR index moved up or down during the 12 months before the change is made. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. Minimum monthly payments of the loan's combined principal and interest will be at least $50.

¹⁵For all repayment options other than Immediate Repayment, the Deferment Period is the number of months that the Monthly Payment While in School will be made. For the Immediate Repayment option, the Deferment Period is the number of months between disbursements (full payment of principal and interest begins approximately 45 days after the final disbursement).

¹⁶The Repayment Period is the number of months of full principal and interest payments to be made on the loans.

¹⁷The Estimated Total of Payments is the estimated amount you will have paid when you have made all payments, both in-school and after any deferment period.