Interest Rate Comparison
Many of our members and borrowers have wondered how our loans compare to other loans, so here is a comparison (as of 1/1/2022):
Canton Student
Loan
Parent PLUS
Loan
Stafford Loan
(unsubsidized)
Undergrad/Grad
Maximum Loan:
$16,000/$24,000
$57,500/$138,000
No limit but cannot exceed the cost of attendance minus any other aid received
Grace Period:
3 months after graduation
Varies
Varies
Maximum Repayment:
10 yrs 3 mos (123 pmts) /
11 yrs (132 pmts)
Normally
10 years (120 pmts)
but may be up to
25 years (300 pmts)
Varies depending on amount borrowed but may be up to 25 years
Interest Rate:
0% during deferment
6.0% APR when repayments
begin.
This equals an actual rate
paid (effective rate) of 2.7%
to 4.2% due to the
extended deferment
when no interest is
charged.
Undergrad: 3.73% during
deferment- capitalized
interest which increases
principal balance and in
turn increases interest
paid.
Graduate: 5.28% during
deferment- capitalized
interest which increases
principal balance and in
turn increases interest
paid.
6.28% during deferment and continues when repayment begins.
Interest is capitalized which increases
principal balance and in turn increases interest paid.
Fees:
No fees
1.057%
origination fee
4.228%
origination fee