To have a realistic understanding of how much it will cost to study at Elgin Community College (ECC)
here is an example one can consider to estimate the payment amounts one will incur with a student loan.
Take a loan of $15,146
for example. This will result in a
$1,886
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
$18,862
which is
$3,716
in addition to the principal amount, which constitutes the interest
payment made throughout the life of the loan.