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