Student Loans
Example Loans
$8,462
Stafford Loan Interest
4.5%
Time to Pay off Student Loan
10 years
Example monthly payment
$88
Total interest paid
$2,076
Sum of Loan Payments
$10,538
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.
