Refinance Student Loans Rates & Terms1View Rates and Terms
Variable Rate2View Conditions for Variable Rates Loans
The following tables illustrate the estimated annual percentage rate (APR), monthly payment, and total payment for a $10,000 loan with various terms. The lower rate displayed in the rate range below assumes a 0.25% reduction (subject to the floor rate) upon borrower enrolling in automatic payments3View Conditions for Autopay Discount. There are no application or origination fees, and no prepayment penalties.
Regular Repayment Plan
The Regular Repayment Plan maintains one payment structure over the loan term. Here is an example of a borrower with a $10,000 loan balance on the Regular Repayment Plan:
| Term | APR with autopay3View Conditions for Autopay Discount |
Estimated Monthly Payment4View Minimum Monthly Payment Condition | Estimated Total Payment | |
|---|---|---|---|---|
| 5 Year 60 payments | 4.82% – 7.90% | $187.89 – $202.29 | $11,273.33 – $12,137.14 | |
| 7 Year 84 payments | 5.65% – 8.10% | $144.41 – $156.36 | $12,130.73 – $13,134.31 | |
| 10 Year 120 payments | 5.85% – 8.30% | $110.27 – $122.92 | $13,232.25 – $14,750.23 | |
| 15 Year 180 payments | 5.95% – 8.40% | $84.12 – $97.89 | $15,140.84 – $17,619.96 | |
| Data in table reflects rates as of 12/27/2024. | ||||
Fixed Rate Loans
The following tables illustrate the estimated annual percentage rate (APR), monthly payment, and total payment for a $10,000 loan with various terms. The lower rate displayed in the rate range below assumes a 0.25% reduction (subject to the floor rate) upon borrower enrolling in automatic payments3View Conditions for Autopay Discount. There are no application or origination fees, and no prepayment penalties.
Regular Repayment Plan
The Regular Repayment Plan maintains one payment structure over the loan term. Here is an example of a borrower with a $10,000 loan balance on the Regular Repayment Plan:
| Term | APR with autopay3View Conditions for Autopay Discount |
Estimated Monthly Payment4View Minimum Monthly Payment Condition | Estimated Total Payment | |
|---|---|---|---|---|
| 5 Year 60 payments | 4.89% – 8.84% | $188.21 – $206.81 | $11,292.53 – $12,408.47 | |
| 7 Year 84 payments | 5.99% – 9.04% | $146.04 – $161.09 | $12,267.16 – $13,531.88 | |
| 10 Year 120 payments | 6.19% – 9.24% | $111.98 – $127.98 | $13,437.24 – $15,357.40 | |
| Data in table reflects rates as of 12/27/2024. | ||||
How is my loan payment calculated?
The monthly payment for your loan and the rate by which it’s calculated is dependent on a number of factors, including the term length and whether your loan is a variable or fixed rate, depending on what options are offered to you. Interest rates for fixed rate loans do not change throughout the loan term, while interest rates for variable rate loans may fluctuate up or down with a market index which will affect your monthly payment amount due. Wright Patman Congressional Federal Credit Union does not charge any application or origination fees, and there are no prepayment penalties. Additionally, your rate may be reduced by 0.25% rate if you enroll in autopay3View Conditions for Autopay Discount.
- Terms and conditions apply. Loan products, terms, and benefits displayed on this website may be modified or discontinued at any time without notice. Your rate will be determined after a review of your application and credit profile. You must be either a U.S. citizen or Permanent Resident in an eligible state, must have graduated from an eligible school, and meet Wright Patman Congressional Federal Credit Union's credit and income requirements to qualify for a loan. Additionally, in order to receive a loan from Wright Patman Congressional Federal Credit Union, you must be a member of Wright Patman Congressional Federal Credit Union. If you are not a member of Wright Patman Congressional Federal Credit Union, you must apply and become a member during the loan application process. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate.
- If you choose and receive a variable rate loan, your rate may change once a month. The variable rate is based on the 30-day average of the daily Secured Overnight Financing Rate (“SOFR”) Published by the Federal Reserve Bank of New York as of two business days immediately preceding the monthly adjustment date. Your rate will be calculated each month by adding the 30-day SOFR to a margin that is assigned to your loan upon loan approval. All loans are subject to an interest rate floor based on term: 5 year: 2.50%, 7 year: 3.00%, 10 year: 3.50%, 15 year: 4.00% and an interest rate cap of 18.00%.
- If you enroll in automatic monthly payments from a personal checking or savings account to pay principal and interest amounts that are due, the rate will be reduced by 0.25%, subject to the floor rate. This rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is cancelled, any increase will take the form of higher payments.
- The minimum monthly payment is $50.00 or the unpaid balance of your loan, whichever is less.