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Cost Optimal Loan Selection 2023 - 2024 rates
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IMPORTANT: Make a copy of the calculator and only modify the orange cells.
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Inputs
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Loan Amount$65,000
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Deferment Period30<-- the months left in school + 6
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Loan Term (in months)120
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Juno Negotiated Deal or other Private rate5.00%
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Comparison
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Direct Unsubsidized LoanGrad PLUS loanJuno Negotiated Deal or other Private
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Loan Amount$65,000$65,000$65,000
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Interest Rate7.05%8.05%5.00%
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Origination Fee (percent)1.08%4.23%0.00%
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Origination Fee (dollars)$702$2,750$0
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Starting Principal$65,702$67,750$65,000
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Deferment Period30.0030.0030.00
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Interest during Deferment$11,580$13,635$8,125
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Principal after Deferment$77,282$81,384$73,125
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Loan Term120.00120.00120.00
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Monthly Payment$899$990$776
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Total Payments$107,916$118,748$93,072
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Total Cost$42,916$53,748$28,072
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Results (Optimal Loan Breakdown)
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Is Unsubsidized more affordable than Private?No
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Is Grad Plus more affordable than Private?No
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Amount from Federal Unsubsidized$0
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Amount from Grad Plus$0
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Amount from Private Student Loan$65,000
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