Kinecta Federal Credit Union
Become a Member  |  About Kinecta  |  Kinecta News  |  Careers  |  Locations  |  Contact Kinecta
 
 
Follow us on:
Facebook YouTube Twitter
 

NCUA Logo (Large)

  

Auto Loans
Private Student Loans
 
Details Rates Tools Apply    

Rates and Repayment Examples

The examples below show how the choice of a different repayment plan affects the total estimated amount paid on a cosigned $10,000 loan with a 10 year repayment term.  Because this Private Student Loan is a variable rate loan, we are showing both the lowest and highest rates available at this time.

This is only an example.  The rate on your loan will be determined based on your (and your cosigner’s) credit review and the loan options you choose.  Not every applicant is eligible for every loan option. 

Repayment Examples1

Repayment Plan:

Immediate Repayment

Deferred Payment

  Lowest   Highest   Lowest   Highest  
Amount Requested $10,000 $10,000 $10,000 $10,000
Current Interest Rate2   3.62% 8.60% 4.56% 10.01%
APR (Annual Percentage Rate)3   3.62% 8.60% 4.39% 9.22%
Origination Fee4
0.00%
$0.00
0.00%
$0.00
0.00%
$0.00 
0.00%
$0.00 
Monthly Payment while in School5   $99.90 $125.86 $0.00 $0.00
Monthly Payment during Repayment6   $99.90 $125.86 $123.49 $186.83
Deferment Period (In months)7   3 3 51 51
Repayment Period (In months) 120 120 120 120
Finance Charge $1,987.77 $5,102.49 $4,818.41 $12,419.04
Estimated Total Amount Paid8   $11,987.77 $15,102.49 $14,818.41 $22,419.04

1. Your actual loan details may vary from this estimate based on the final terms you select and the interest rates in effect at the time your loan is approved. The loan terms described are for the 2013-2014 academic year and are subject to change.

2. The Current Interest Rate used in this estimate and in effect as of 04/01/2014 ranges from 3.62% to 10.01% based on the credit review. The current interest rate is equal to the LIBOR index plus a margin ranging from 2.99% to 9.99% and the current interest rate and APR shown in the estimate will increase/decrease during the life of the loan if the LIBOR index increases/decreases. The LIBOR Index for each calendar quarter equals the average of the one-month LIBOR rates published in The Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly change date.

3. The Annual Percentage Rate (APR) is the measure of what a loan will cost. It takes into account the rate, fees, length of the loan and the timing of all payments. The APR will increase/decrease if the LIBOR index increases/decreases.

4. No Origination Fee.

5. The Monthly Payment while in School is the payment that will be made during the deferment period if you elect to defer principal and make interest payments while in school:
Immediate Repayment: There is no deferment period for this repayment option.
• Student Starter (Partial Interest Repayment): The amount shown in the estimate is the payment that will be made during the deferment period if the student elects to defer principal and make $25 monthly interest payments while in school. The partial interest payments during deferment may not pay all interest that accrues and will not reduce the principal balance of the loan. After deferment, full principal and interest repayment begins.

6. The Monthly Payment during repayment is the combined principal and interest payment amount following deferment (if any).  The first year of principal and interest repayment is a fixed monthly amount. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. The monthly payment amount shown in the estimate will increase/decrease if the interest rate increases/decreases and will be computed based on the interest rate applicable at the time repayment begins. Minimum monthly payments of the loan’s combined principal and interest will be at least $50.

7. The Deferment Period shown in the Student Starter example is 24 months, plus a 6-month grace period. The maximum deferment period is 48 months, plus a 6-month grace period. The Immediate Repayment option has no deferment period.

8. The Estimated Total Amount Paid is the sum of the Amount Requested, the Origination Fee and all accrued interest during the life of the loan.  The Estimated Total Amount Paid assumes payments are made by the borrower on time and the borrower does not pre-pay any portion of the loan.