Federal Stafford Loan Master Promissory Note Page 8
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8Repaying My Loans
Follow these steps to estimate your loan payment.
Step 1: Calculate Your
Approximate Monthly Interest
Monthly Interest Charges
Loan
5.0%
6.0%
7.0%
8.0%
9.0%
Round your balance up to the nearest $500. If your
Amount
loan amount is not on the table, follow the example
below to estimate your monthly accrued interest.
$500
$2.08
$2.50
$2.92
$3.33
$3.75
Example:
$1,000
$4.17
$5.00
$5.83
$6.67
$7.50
Federal Stafford Loan of $5,479 at 6% interest.
$3,000
$12.50
$15.00
$17.50
$20.00
$22.50
Round up to nearest $500 = $5,500.
$5,000
$20.83
$25.00
$29.17
$33.33
$37.50
$6,000
$25.00
$30.00
$35.00
$40.00
$45.00
$5,000 = $25.00/month
+ 500 =
2.50/month
$7,000
$29.17
$35.00
$40.83
$46.67
$52.50
$9,000
$37.50
$45.00
$52.50
$60.00
$67.50
$27.50/month
$10,000
$41.67
$50.00
$58.33
$66.67
$75.00
Your Monthly Interest $ ____________.
$15,000
$62.50
$75.00
$87.50
$100.00
$112.50
$20,000
$83.33
$100.00
$116.67
$133.33
$150.00
$25,000
$104.17
$125.00
$145.83
$166.67
$187.50
Step 2: Estimate Your Capitalized
Monthly Interest
Number of Months
Estimate of
Interest
(From Step One)
in deferment or forbearance
Capitalized Interest
Complete this step only if you will capitalize
interest on a Federal Stafford Loan. This is an
27.50
22
605.00
Example
$ ___________
X
$ ______________
=
$ ______________
estimate only. Actual interest capitalized will
depend on factors such as disbursement dates,
Your Capitalized
number of disbursements, and the variable
Interest
$ ___________
X
$ ______________
=
$ ______________
interest rate.
Estimated Monthly Payments (10 Year Term)
Step 3: Estimate Your Monthly Payment
Round your loan up to the nearest $500. If your
principal amount is not on the table, follow the example
Loan
5.0%
6.0%
7.0%
8.0%
9.0%
below to estimate your monthly payment. If you
Amount
previously had interest capitalized, add it to the original
loan amount to get the new principal amount.
$500*
$5.30
$5.55
$5.81
$6.07
$6.33
Example:
$1,000*
$10.61
$11.10
$11.61
$12.13
$12.67
Federal Stafford Loan of $6,105.00 (5,500 + 605.00) at
$3,000*
$31.82
$33.31
$34.83
$36.40
$38.00
6% interest.
$5,000
$53.03
$55.51
$58.05
$60.66
$63.34
Round up to nearest $500 = $6,500.
$6,000
$63.64
$66.61
$69.67
$72.80
$76.01
$6,000 = $66.61/month
$7,000
$74.25
$77.71
$81.28
$84.93
$88.67
+ 500 =
5.55/month
$9,000
$95.46
$99.92
$104.50
$109.19
$114.01
$10,000
$106.07
$111.02
$116.11
$121.33
$126.68
$72.16/month
$15,000
$159.10
$166.53
$174.16
$181.99
$190.01
Estimated monthly payment = $72.16
$20,000
$212.13
$222.04
$232.22
$242.66
$253.35
*Minimum monthly payment = $50 or amount of interest
$25,000
$265.16
$277.55
$290.27
$303.32
$316.69
accruing each month
Loan
Estimate of Capitalized
New Principal
Estimated
Amount
Interest (From Step Two)
Balance
Monthly Payment
6,105.00
5,500
605.00
72.16
Example
$ ___________
+
$ ______________
=
$ ______________
$ ______________
Your Monthly Payment
$ ___________
+
$ ______________
=
$ ______________
$ ______________
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