SELF III Loan Repayment Calculator
This calculator is designed to be used for SELF III loans. It is in the process of being re-designed due to the July 1, 2006 implementation of SELF IV.
Welcome to the SELF III Loan Repayment Calculator
This calculator has been designed specifically for calculating the repayment of SELF III Loans. The results you receive are estimates and may vary due to interest rates and other factors.
All SELF Loans have a one-year transition period in which monthly interest payments are required. After the one-year period, you are given an option to extend your transition period and your monthly interest-only payments by two years. Selecting the additional two years of transition will not extend your repayment term. With a one-year transition period, you have a maximum repayment term of nine years. With the three-year transition period, you have a maximum repayment term of seven years. Depending upon how much you borrow, your repayment term may be less than the seven or nine years due to the $50 minimum monthly payment requirement on SELF Loans. You are required to repay all your SELF III Loans before the earliest of a) 10 years after you stop being an eligible student or b) 15 years from the date of the first SELF disbursement on your first SELF Loan. The length of time you spend in school could reduce your repayment term.
Here’s How It Works
The program will calculate your estimated repayment amounts based on the current SELF interest rate and repayment terms of seven or nine years.
The results will be in three sections: In-school, Transition, and Repayment. Since you will need to pay interest while in school and during the transition, you will see the quarterly interest payment and total interest paid while you are in school and the monthly interest payment and total interest paid while you are in a one-year transition or a three-year transition.
The results will include the estimated start and end dates of your repayment, the total months, the estimated monthly payment amount, the total principal paid and the total interest. For calculation purposes, today’s date is used as the starting date for interest calculations. The interest rate used is the current SELF interest rate.