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Financial Aid Student Information

Determining What to Borrow

Students may not have the ability to afford to pay the cost of tuition without the use of financial aid. Financial aid may cover part or all of the cost of your tuition, so it is important to ask yourself this question:

Do you know how much Federal Student Loans you borrowed?

There are two types of Federal loan programs. But the most common for student borrowers are the Direct Loan programs from the Federal government. This loan program is regulated by Congress and the U.S. Department of Education and the current interest rate on either program is fixed at 3.76% (interest changes year to year).

Remember, during your college career, the loans you borrowed may have been accruing interest. Again, the interest accruing on the unsubsidized portion of your loans is your responsibility, but the interest accruing on the subsidized portion of your loans will be paid by the government if criteria is met. If you do not know what type of loan you have, log into NSLDS website ( with your FSA ID, or contact the Federal Student Aid at 800-433-3243.

Whenever you borrow a loan, it is important to remember that you will pay interest for every month it takes for you to repay the original loan amount in full.

Original Loan Amount

 + Interest Charged

= REAL Cost of the Loan                  

Below is an example of your monthly loan payment:

  • Step 1: Add the interest charged to the loan balance

$10,000 (original loan amount)

+ $3,809.63 (interest charged)

= $13,809.63 (real cost of loan)

  • Step 2: Divide real cost of loan by the repayment term

‚Äč$13,809.63 (real cost of loan)     

÷ $120 months (repayment term)

= $115.08 (monthly loan payment)

This Student Loan Calculator is designed to give you an estimate of your monthly student loan payments. Please note that all fields need to be filled out before you will be allowed to proceed. Click here to get started:

**The tools and resources that were outlined help to assess and to meet your loan repayment obligation regardless of your budget and lifestyle. We encourage you to make payments on your loan while in school to reduce the total amount of your loan balance and save on interest costs. 

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