Assumptions & Other Disclaimers

• If displayed, average cost of attendance, scholarship and grant amounts are provided by Peterson's - a Nelnet company. Cost of attendance items are in-state, full-time enrollment per academic year averages. Amounts displayed may not be current and are for informative purposes only.
• We assume that all loan payments other than those for home equity and PLUS loans will be deferred (postponed) until graduation.
• We assume a 5% increase for each year of college.
• We assume financial aid awards do not change from year to year.
• We also assume that you defer (postpone) payments on all loans until graduation. The only exceptions are home equity and Parent PLUS loans, where we assume immediate payments.
• Perkins Loan: 5% fixed interest rate and a 10-year repayment period.
• Subsidized Stafford or Direct Loan:
  • Rate for 2011-2012 academic year - 3.4% and a 10-year repayment period.
  • Rate for 2012 and beyond - 6.8% and a 10-year repayment period
• Unsubsidized Stafford or Direct Loan: 6.8% and a 10-year repayment period.
• Private Loans: 8.56% average interest rate (your actual rate will depend on your credit and other criteria) and a 15-year repayment period.
• Home Equity Loans: 5% average interest rate for 2011 (note your actual rate will depend on your credit and current market conditions) and a 15-year repayment period.
• Parent PLUS Loans: 7.9% fixed interest rate and a 10-year repayment period.
• Information on federal financial aid programs was based on publications from the U.S. Department of Education. Please note that federal legislation may alter the loan rates and eligibility requirements in the future.
• We assume that federal loans will be no less than $200 annually.
• Home equity and private student loans may have minimum loan amounts set by your lender. Ask the lender for details.
• Many student loans have minimum monthly payment amounts, such as $50, which are not included in the calculations.
• We assume the total amount financial aid funds and student and parent/family contributions cannot exceed the total cost of attendance per federal regulations.
• The displayed loan amounts are only estimates and do not obligate a person to borrow the amount. Promissory notes and other loan documents will be required prior to being approved for a loan.
• This tool is designed to provide general guidance and estimates. It should not be relied upon to calculate exact loan repayment or other financial data. Please refer to a financial aid administrator or lender representatives regarding any specific requirements or concerns.
• Salary averages recommend that student loan monthly payments not exceed 10% of annual post-graduation total salary.