To have a realistic understanding of how much it will cost to study at City Colleges of Chicago
here is an example one can consider to estimate the payment amounts one will incur with a student loan.
Take a loan of $8,462
for example. This will result in a
$1,054
payment to be made each year.
We can assume that the interest rate is
4.5%
post any refinancing or consolidation activities with a
10 years
repayment plan.
Then the total payment made towards the loan is
$10,538
which is
$2,076
in addition to the principal amount, which constitutes the interest
payment made throughout the life of the loan.