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Repaying a Student Loan
Although you generally have up to 10 years to repay Federal Perkins and Direct Loans, you might want to pay them off sooner. Calculating monthly repayments for repayment periods of various lengths will give you some idea of your choices:
The following is a repayment chart based upon the Standard 10-year Repayment Plan. Your actual monthly payment amount may be lower. The final year of repayment may be less than 12 months.
Direct Student Loan Repayment Chart | ||
Initial Debt When Loan Enters Repayment | Payment Amount Per Month | Total Amount Paid |
$2,500 | $50 | $3,074 |
$5,000 | $61 | $7,359 |
$7,500 | $92 | $11,039 |
$10,000 | $123 | $14,718 |
$15,000 | $184 | $22,077 |
$20,000 | $245 | $29,437 |
