Refinance Student Loans Rates & Terms1

Variable Rate2 Loans

The following tables illustrate the estimated annual percentage rate (APR), monthly payment, and total payment for a $10,000 loan with various terms. 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 Estimated Monthly Payment4 Estimated Total Payment
5 Year
60 payments		 8.70% – 11.20% $206.13 – $218.42 $12,367.84 – $13,105.38
7 Year
84 payments		 9.30% – 11.80% $162.42 – $175.46 $13,643.06 – $14,738.60
10 Year
120 payments		 9.70% – 12.20% $130.50 – $144.63 $15,659.41 – $17,355.54
15 Year
180 payments		 10.00% – 12.50% $107.46 – $123.25 $19,342.89 – $22,185.40
Data in table reflects rates as of 12/26/2024.

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. 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 Estimated Monthly Payment4 Estimated Total Payment
5 Year
60 payments		 6.75% – 8.25% $196.83 – $203.96 $11,810.08 – $12,237.75
7 Year
84 payments		 7.00% – 8.25% $150.93 – $157.11 $12,677.85 – $13,197.29
10 Year
120 payments		 7.50% – 8.75% $118.70 – $125.33 $14,244.21 – $15,039.21
15 Year
180 payments		 7.75% – 9.00% $94.13 – $101.43 $16,942.96 – $18,256.80
Data in table reflects rates as of 12/26/2024.

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. Mayo Employees Federal Credit Union does not charge any application or origination fees, and there are no prepayment penalties.

  1. 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 Mayo Employees Federal Credit Union's credit and income requirements to qualify for a loan. Additionally, in order to receive a loan from Mayo Employees Federal Credit Union, you must be a member of Mayo Employees Federal Credit Union. If you are not a member of Mayo Employees 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.
  2. If you choose and receive a variable rate loan, your rate may change once a quarter. The variable rate is based on the 90-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 quarterly adjustment date. Your rate will be calculated each quarter by adding the 90-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: 0.00%, 7 year: 0.00%, 10 year: 0.00%, 15 year: 0.00% and an interest rate cap of 18.00%.
  3. The minimum monthly payment is $50.00 or the unpaid balance of your loan, whichever is less.
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