Loan Interest

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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holliebell
Posts: 26
Joined: Sun Feb 22, 2009 7:49 pm

Loan Interest

Postby holliebell » Mon May 23, 2011 4:33 pm

For the Stafford Unsubsidized and GradPlus I know that interest accrues while in school. How does that work? If you take out $12,000 total for one year of unsubsidized loans at 6.8%, does that accrue every month? I.e.: $816/month for a year, making a total of $9792 in interest in 12 months. That doesn't sound right. Is it 6.8% per year?

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fatduck
Posts: 4186
Joined: Mon Sep 13, 2010 10:16 pm

Re: Loan Interest

Postby fatduck » Mon May 23, 2011 4:35 pm

it's a 6.8% annual rate, and it's simple interest while you're in school.




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