Path: utzoo!utgpu!jarvis.csri.toronto.edu!mailrus!iuvax!bsu-cs!mithomas From: mithomas@bsu-cs.UUCP (Michael Thomas Niehaus) Newsgroups: comp.sys.mac Subject: Re: Apple Student Loan Program (?) Summary: Whoops... Message-ID: <6262@bsu-cs.UUCP> Date: 21 Mar 89 22:49:45 GMT References: <9019@netnews.upenn.edu> <6261@bsu-cs.UUCP> Organization: CS Dept, Ball St U, Muncie, Indiana Lines: 24 In article <6261@bsu-cs.UUCP>, mithomas@bsu-cs.UUCP (Michael Thomas Niehaus) writes: > > The actual name of the program is the "Student Load-to-Own" program. Loans > can be taken out for any amount between $2000 and $40,000, with a 36 month > term for the smaller loans and up to a 120 month term for the largest of loans. I guess it would help if I could type. I meant to say "Student Loan-to-Own", not "Load-to-Own". Anyway, here are some rough estimates of a sample loan's payments. Taking out a $2,000 loan (36 month term) and deferring payments for 1 year (until you graduate) would require that you make $30.00 payments monthly while still in school. When you graduate, your monthly payments would $62.67 a month for 36 months. This assumes a 12% interest rate. The total finance charge would be about $600 for the entire loan period. A $4000 loan with the same interest rate and deferral period would behave as follows: $42.14 a month while still in school, $105.34 a month for 48 months after graduation. Total finance charge: $1,559.13. -Michael -- Michael Niehaus UUCP: !{iuvax,pur-ee}!bsu-cs!mithomas Apple Student Rep ARPA: mithomas@bsu-cs.bsu.edu Ball State University AppleLink: ST0374 (from UUCP: st0374@applelink.apple.com)