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Instructions:
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Create a copy of this calculator to make it your own.
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Input your specific assumptions/quotes on the yellow cells
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Federal Loans have a maximum term of 10 years, to make a fair comparison between the cost of a private an federal loan alternative, select a term up to 10 years.
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InputsOutputs
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AssumptionsPrivate LoanFederalPrivate
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Loan Amount$80,000$80,000Holding periodTotal $ CostAPR
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Interest Rate7.50%8.05%All 10 years$41,4247.44%
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Year of School Left11
Refinance after 13 months
$6,2837.25%
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Origination Fee0%4.23%
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Term (in years)1010Federal
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Repayment TypeFixed PaymentsDeferredTotal $ CostAPR
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Months of Grace11All 10 years$52,2749.11%
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ACH Discount0.25%0.00%
Refinance after 13 months
$10,65412.25%
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Loan disbursment date
9/1/20229/1/2022
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Interest Holiday End
N/A9/1/2022
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Over the full life of the loan Federal is $10,849 more expensive than private
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If you refinance at graduation Federal is $4,371 more expensive than private
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