Total Interest – The total amount in interest you’ll pay on your loan. As you make payments, you will start to pay down the principal amount of your loan, reducing the total interest that accrues each month. Principal – The total amount you will borrow. Student loan repayment can be deferred until after graduation but making payments during school is a great way to reduce the total cost of your loan. In School Payment – If you choose to make in-school payments, this is the monthly amount to pay while in school. The longer the term, the lower your monthly payment but you’ll pay more overall. Monthly payment – Once you start to pay back your student loan, this is the amount due each month. Based on how you adjust your loan variables, you’ll notice changes in how much you’ll pay each month, the amount of interest you’ll pay and how long you’ll need.īelow are breakdowns of what each result means for you:
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