To have a realistic understanding of how much it will cost to study at Covenant College
here is an example one can consider to estimate the payment amounts one will incur with a student loan.
Take a loan of $84,448
for example. This will result in a
$10,517
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
$105,166
which is
$20,718
in addition to the principal amount, which constitutes the interest
payment made throughout the life of the loan.