A typical repayment example:
Examples of typical transactions for a $10,000 Career Training Smart Option Student Loan with the most common variable rate, fixed repayment option, 15-month in-school and separation period, and two disbursements: For a borrower with no prior loans, it works out to a 9.31% APR, 15 payments of $25.00, 119 payments of $137.44 and one payment of $102.03, for a total loan cost of $16,832.39. For a borrower with $20,000 in prior loans, it works out to a 9.33% APR, 15 payments of $25.00, 179 payments of $110.70 and one payment of $53.94, for a total loan cost of $20,244.24. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. Variable rates may increase over the life of the loan.