Curious to understand the repayment amounts for student loans? The following chart illustrates monthly payment obligations for various student loan amounts based upon information for loans first disbursed between July 1, 2023 and June 30, 2024 (assuming standard repayment plan). Repayment amounts calculated using Federal Student Aid’s Loan Simulator and You Can Deal With It’s Loan Repayment Calculator.
| Loan Type and Amount | Interest Rate (2023-24) | Grace Period interest may accrue, but no payments due | Repayment Period | Estimated Monthly Repayment Amount |
|---|---|---|---|---|
| $3,500 Federal Direct Student Loan |
5.50% | 6 months | 120 month (10 years) |
$38- Subsidized Loan $47- Unsubsidized Loan |
| $4,500 Federal Direct Student Loan |
5.50% | 6 months | 120 month (10 years) |
$49- Subsidized Loan |
| $5,500 Federal Direct Student Loan |
5.50% | 6 months | 120 month (10 years) |
$60- Subsidized Loan $74- Unsubsidized Loan |
| $2,000 Federal Direct Unsubsidized Loan |
5.50% | 6 months | 120 months (10 years) |
$26 |
| $1,500 Gettysburg College Loan (subsidized) * |
6.0% | 1 month | 72 months (6 years) |
$25 |
| $2,000 Gettysburg College Loan (subsidized) * |
6.0% | 1 month |
72 months |
$33 |
| $10,000 Direct PLUS (Parent) Loan |
8.05% | enters repayment once loan is fully disbursed; parents can contact loan servicer to request deferment |
120 months |
$166 |
| $20,000 Direct PLUS (Parent) Loan |
8.05% | enters repayment once loan is fully disbursed; parents can contact loan servicer to request deferment |
120 months |
$332 |
- Under the standard repayment plan, the minimum monthly payment for all your loans within the the Federal Direct Loan program is $50.
- Gettysburg College Loans are awarded by the Office of Financial Aid based upon financial need and, unlike Federal Direct Student Loans, are not available to all students.
Find out more information about student loans, including instructions for completing loan requirements. For details on the various federal loan repayment plans, visit https://studentaid.gov/manage-loans/repayment/plans.
Subsidized Loans do not accrue interest when students are enrolled at least half-time at Gettysburg. Unsubsidized Loans are accruing interest while students are enrolled at Gettysburg. To pay the accruing interest on Unsubsidized Federal Student Loans, contact your loan servicer.
last updated 12/18/23