
Interest Rate Comparison
Many of our members and borrowers have wondered how our loans compare to other loans, so here is a comparison:
Canton Student
Loan
Parent PLUS
Loan
Stafford Loan
(unsubsidized)
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%.