PART 1
1.
Direct subsidized loan-loans available to undergraduates
Terms to pay it back can be chosen during the time loan is taken or after,
Interest rate: After 7/1/13 and before 7/1/14-3.86%
after 7/1/14 and before 7/1/15-4.66%
Parents along with student can take out loans
Direct Un subsidized loans- loans available to undergraduates, graduates, or professionals
Terms are first six months out of school (grace period),
After 7/1/13 and before 7/1/14-3.86%
After 7/1/13 and before 7/1/15-4.66%
Parents can Take out These loans
Direct plus loan- loans available to Parents and Graduate or Professional Students
Terms are up to 10 years to pay back
Interest Rate: After 7/1/13 and before 7/1/14-6.41%
After 7/1/13 and before 7/1/15-7.21%
Undergraduates along with professional students can take out these loans
2.
interest is calculated by
x number of days since last payment times x interest rate factor= interest amount
Payment is calculated by the principle amount times monthly interest over 1-(1+Monthly payment) to the power of amount of months
Interest can work like a graph where the longer it is put off being payed the more it will increase like a linear graph of a linear equation, quarterly interests will normally be lower than that of an annual interest based upon the type and variation of loan
Direct subsidized loan-Loan is subsidized while in college
Direct Un subsidized loans-Loan is unsubsidized so it can be payed in college or after
Direct plus loan- Loan is lenient and allows payment during college or after
Interest Rates
Direct subsidized loan-After 7/1/13 and before 7/1/14-3.86%, 7/1/14 and before 7/1/15-4.66%
Direct Un subsidized loans- After 7/1/13 and before 7/1/14-3.86% ,7/1/14 and before 7/1/15-4.66%
Direct plus loan-After 7/1/13 and before 7/1/14-6.41%, After 7/1/13 and before 7/1/15-7.21%
PART 2
P(1+r/n)^t*n-(monthly Payment)nt
Loan Balance:$2,333.37 Adjusted Loan Balance:$2,333.37 Loan Interest Rate:3.86%Loan Fees:0.00%Loan Term:4.3 years Minimum Payment:$50.00 Enrollment Status:In Repayment Degree Program:Bachelor's Degree Total Years in College:4 years Average Debt per Year:$583.34
Monthly Loan Payment:$50.00Number of Payments:51
Cumulative Payments:$2,532.36 Total Interest Paid:$198.99
1.
Direct subsidized loan-loans available to undergraduates
Terms to pay it back can be chosen during the time loan is taken or after,
Interest rate: After 7/1/13 and before 7/1/14-3.86%
after 7/1/14 and before 7/1/15-4.66%
Parents along with student can take out loans
Direct Un subsidized loans- loans available to undergraduates, graduates, or professionals
Terms are first six months out of school (grace period),
After 7/1/13 and before 7/1/14-3.86%
After 7/1/13 and before 7/1/15-4.66%
Parents can Take out These loans
Direct plus loan- loans available to Parents and Graduate or Professional Students
Terms are up to 10 years to pay back
Interest Rate: After 7/1/13 and before 7/1/14-6.41%
After 7/1/13 and before 7/1/15-7.21%
Undergraduates along with professional students can take out these loans
2.
interest is calculated by
x number of days since last payment times x interest rate factor= interest amount
Payment is calculated by the principle amount times monthly interest over 1-(1+Monthly payment) to the power of amount of months
Interest can work like a graph where the longer it is put off being payed the more it will increase like a linear graph of a linear equation, quarterly interests will normally be lower than that of an annual interest based upon the type and variation of loan
Direct subsidized loan-Loan is subsidized while in college
Direct Un subsidized loans-Loan is unsubsidized so it can be payed in college or after
Direct plus loan- Loan is lenient and allows payment during college or after
Interest Rates
Direct subsidized loan-After 7/1/13 and before 7/1/14-3.86%, 7/1/14 and before 7/1/15-4.66%
Direct Un subsidized loans- After 7/1/13 and before 7/1/14-3.86% ,7/1/14 and before 7/1/15-4.66%
Direct plus loan-After 7/1/13 and before 7/1/14-6.41%, After 7/1/13 and before 7/1/15-7.21%
PART 2
P(1+r/n)^t*n-(monthly Payment)nt
Loan Balance:$2,333.37 Adjusted Loan Balance:$2,333.37 Loan Interest Rate:3.86%Loan Fees:0.00%Loan Term:4.3 years Minimum Payment:$50.00 Enrollment Status:In Repayment Degree Program:Bachelor's Degree Total Years in College:4 years Average Debt per Year:$583.34
Monthly Loan Payment:$50.00Number of Payments:51
Cumulative Payments:$2,532.36 Total Interest Paid:$198.99