Canton Student Loan Foundation

Interest Rate Comparison

Many of our members and borrowers have wondered how our loans compare to other loans, so here is a comparison:

Undergrad/Grad

Maximum Loan:

$12,000/$20,000

$31,000/$138,500

Cost of attendance minus any other aid received

Grace Period:

3 months after graduation

Varies

No grace period. Payments are expected to be made while student is in school.

Maximum Repayment:

7 yrs (84 pmts) /
10 yrs 3 mos (123 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 of 1.4% to 2.03% due

to the extended deferment

period when no interest is

charged.

4.5% / 6.08% during

deferment- capitalized

4.5% / 6.08% APR continues

when repayment begins.

7.08% during deferment

7.08% APR continues when repayment begins.

Fees:

No fees

1.06% origination fee

4.25% origination fee

You can calculate actual interest rates paid on our loans as follows:

Loan term of 11 years (4 years with deferred interest, 3 month grace period, 84 payments) the actual interest rate is 2.03%.

Loan term of 12 years (5 years with deferred interest, 3 month grace period, 84 payments) the actual interest rate is 1.86%.

Loan term of 13 years (6 years with deferred interest, 3 month grace period, 84 payments) the actual interest rate is 1.71%.

Loan term of 14 years (7 years with deferred interest, 3 month grace period, 84 payments) the actual interest rate is 1.59%.

Loan term of 15 years (8 years with deferred interest, 3 month grace period, 84 payments) the actual interest rate is 1.48%.