The examples below show the savings you may achieve by making payments while you’re still in school. They’re for illustration purposes only and assume a 5.00% interest rate. Keep in mind that the Chase SelectSM Private Student Loan has a variable interest rate and that your actual savings will vary depending on factors specific to your loan, including the interest rate.*
Immediate Repayment Lowest Cost Option |
Interest-only Repayment Intermediate Cost Option |
Deferred Repayment Highest Cost Option |
|
---|---|---|---|
Loan amount | $10,000 | $10,000 | $10,000 |
Interest rate/APR | 5.00%/5.00% | 5.00%/5.00% | 5.00%/4.83% |
Interest accumulated to be capitalized | $0 | $0 |
Year 1: $500.92 Year 2: $499.55 Year 3: $499.55 Year 4: $499.55 Six-month grace period: $246.34 Total: $2,245.91 |
Debt amount at start of principal and interest repayment (includes capitalized interest,** if applicable) |
$10,000 | $10,000 | $12,245.91 (includes $2,245.91 capitalized interest**) |
Monthly payment while in school and during any applicable grace period |
$66.12 | $41.70 | $0 |
Monthly payment after exit from school | $66.12 | $77.23 | $80.65 |
Total interest paid (over 20-year loan term) |
$5,867.79 | $6,650.49 | $9,354.97 (includes capitalized interest**) |
Total amount repaid (over 20-year loan term) |
$15,867.79 | $16,650.49 | $19,354.97 |
Dollar savings (compared to deferred repayment) |
$3,487.18 | $2,704.48 | Not applicable |