A subsidized loan is a loan that the government pays the interest for while the student is in college, an unsubsidized loan is a loan where the person has to start paying interest right away. Credit unions differ from banks and other financial institutions in that those who have accounts in the credit union are its members and owners, and they elect their board of directors in a one-person-one-vote system regardless of their amount invested. For a bank loan the bank sets the fixed period over which the loan is provided, the rate of interest and the timing and amount of repayments. The current interest rate for student loans is 3.50%, it would change according to the credit score though. Many payments and interest rates can be calculated with online calculators that they have, there is many varieties of them.
Problem:
If you were to take a loan for $5.000 every year for 4 years with an interest rate of 3.50% and paying a monthly payment of $350, you would be debt free by March 2020. the total interest you would have had to pay would be $1.911
Problem:
If you were to take a loan for $5.000 every year for 4 years with an interest rate of 3.50% and paying a monthly payment of $350, you would be debt free by March 2020. the total interest you would have had to pay would be $1.911