Annual household income

Adjusted Gross Income (AGI) for you and your spouse, and any other household income, after certain allowable adjustments from your total income.

Balance at repayment

Anticipated loan balance at the time you will start repaying your loan. Your monthly payments will be calculated from this balance.

Cumulative weighted interest rate

Average interest rate of your loans using loan balance as the primary weighting factor.

End date when attending another school after graduation

The date you will graduate, withdraw or enroll less than half time at this second institution.

Estimated first payment date

The date your grace period will end and you will be expected to start making monthly loan payments. This calculation is based on a six-month grace period, common to Stafford loans. If you are repaying Perkins loans, which have a nine-month grace period, their repayment date will be three months after this date.

Household size

Number of persons, including yourself, in your family (for more details on how this is determined for purposes of financial aid, check with your financial aid office).

Interest rate

The interest rate for new subsidized and unsubsidized Stafford loans first disbursed on or after July 1, 2006, is a fixed 6.8%, with these exceptions:

• subsidized Stafford loans first disbursed between July 1, 2009 and June 30, 2010 have an interest rate of 5.6%
• subsidized Stafford loans disbursed between July 1, 2010 and June 30, 2011 have an interest rate of 4.5%
• the interest rate for subsidized Stafford loans will be further reduced in coming years until July 1, 2012 when the rate will return to 6.8%
• PLUS loans first disbursed on or after July 1, 2006 have a fixed interest rate of 7.9% for Direct loans

Stafford and PLUS loans first disbursed between July 1, 1998 and June 30, 2006 have variable interest rates. The following rates apply to these loans during the period of July 1, 2010 through June 30, 2011:

• subsidized and unsubsidized Stafford loans have an interest rate of 2.47% for loans in repayment and 1.87% during in-school, grace, and deferment periods
• PLUS loans have an interest rate of 3.27%

If you’re unsure of the interest rate(s) on your student loan(s), visit NSLDS to view your loan information.

Loan amount

Total amount of funds lent to you. This includes funds disbursed directly to your school to pay your tuition and fees.

Loan forgiveness

A program through which the federal government cancels all or part of a federal student loan debt. To qualify for loan forgiveness, borrowers must meet established criteria, including total, permanent disability; death; certain types of volunteer work; military service; teaching or medical practice in certain types of communities; or work in other occupations as specified by the forgiveness program.

Minimum income recommended

The Department of Education recommends that your loan payment be no more than 8% of your gross income. Following their advice, to afford the repayment plan you have selected, your annual Adjusted Gross Income should be at least this amount.

Monthly payment

Monthly payment amount is rounded to the nearest dollar. Total interest and amount repaid are calculated from the pre-rounded monthly payment.

Pay interest until repayment starts?

If you paid, or plan to pay, interest on your unsubsidized loans while in school and during your grace period, your overall cost will be lower.

Start date when attending another school

The date your classes at another institution will begin.

What was, or will be, your last date of attendance?

List your date of graduation, withdrawal from school, or dropping below half-time enrollment.