I’m a grad student first time taking out a loan due to unforeseen circumstances, I spoke with the financial aid people at my school and they said it’s 7.94% per month my interest on a grad school loan. So that means if I take out 15k my Interest is 1100? That doesn’t sound right to me can someone help?
First time getting a loan is interest per month or year?
byu/Fuzzy-Course889 inStudentLoans
Posted by Fuzzy-Course889
2 Comments
Interest is defined by an annual rate, so $1191/year in your case. However, interest accrues on your loans daily.
Google “amortization schedule calculator” and set the term to 10 years. The calculator should break it down by month and year for you. This is too complicated of a question to answer with a simple reddit post. Interest is calculated daily.