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CU Student Choice Loan Calculator
CU Student Choice Loan
Use this example calculator to determine monthly payments, APR and total cost of the Credit Union Student Choice loan.
Please read the assumptions and definitions below to better understand how the calculator
works.
Click on the "View Report" button to see the results in detail and an amortization schedule.
Want to see how the loan stacks up against the competition? Try our loan comparison
calculator!
Assumptions
- Assumes a fixed rate. Nearly all private student loans are variable rate, including this loan from your credit union. However, since future rates are unknown we make a fixed rate
assumption for the purposes of the calculator. Your actual rate and monthly payments will vary
throughout the loan, resetting quarterly based on a market index.
- Assumes the borrower chooses the full deferment option on payment while in school. note: Interest
continues to accrue on private student loans during deferment periods.
- Assumes the borrower chooses the graduated repayment option when entering repayment (lowers monthly
payments on the first 2 years of the loan).
- Assumes the borrower graduates on the expected date and begins repayment six months after leaving
school (as typically required).
Additional Notes:
- The loan term is set based on the dollar value of the loan when entering repayment. For loans under
$40,000, the term is 20 years. For loans at or above $40,000, the term is 25 years.
- CU Student Choice loans currently do not exceed $75,000.
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Definitions
- Loan amount
- The total dollar amount for this loan.
- Interest rate
- The interest rate on this loan.
- Loan term
- The number of years over which you will repay this loan.
- Origination fee
- The dollar amount charged as a loan origination fee, which is included in the Annual Percentage Rate (APR) calculation. For many loans a 3% to 6% origination fee is common. For example: a 1% fee on a $120,000 loan would cost $1,200.
- Monthly loan payment
- Initial monthly principal and interest payment (PI).
- Annual percentage rate (APR)
- A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example: a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.
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