Private Student Loans Rates & Terms
Variable Rate Loans
The following table illustrates the estimated annual percentage rate (APR), monthly payment, and total payment for a $10,000 loan with a 15 year loan term. The examples assume a 4-year in-school period and a 6-month grace period (54 total months) before you are required to make full principal and interest payments.* During the in-school and grace period, borrowers have the option to either make fixed payments of $25 each month* or to pay only the interest that accrues on the loan each month. All rates below are shown with the Autopay Discount (0.25%)3. There are no application or origination fees, and no prepayment penalties.
beginning after the in-school & grace period
|Monthly In-School Repayment Option*||Estimated Monthly Payment*
following in-school & grace period
|Estimated Total Payment|
|15 Year 180 payments||5.00% – 8.75%||Interest Only||$41.67 - $72.92||$79.08 – $99.94||$16,484.40 – $21,926.70|
|4.91% – 8.34%||Proactive*||$25.00||$86.20 – $125.81||$16,866.00 – $23,995.80|
|Data in table reflects rates as of 4/23/2018.|
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. Everence 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 autopay*.