Grove City College Student Loan APR Example

PNC Bank Grove City College Student Loan APR Example

	WITH CO-SIGNER	WITHOUT CO-SIGNER
Approved Loan Amount	$8,500	$8,500
Origination Fee¹	3%	5%
Estimated Disbursement Dates	8/14/2009 and 1/14/2010	8/14/2009 and 1/14/2010
Disbursed Amount	$4,122.50	$4,037.50
Graduation Date	5/15/2013	5/15/2013
In-School Phase Annual Percentage Rate²	3.20%	4.16%
Balance to be Repaid³	$9,668.02	$10,025.22
Monthly Repayments for 180 Months	$68.03	$75.52
Repayment Phase APR²	3.27%	4.27%

1. The origination fee of 3% (with a co-signer) or 5% (without a co-signer) of the total loan amount will be charged and deducted from each disbursement of the approved loan amount.

2. The annual percentage rate is a measure of what the loan will cost, taking into account the rate, fees, length of the loan and the timing of the payments. The APR will increase if the 91-Day T-Bill index increases. Repayment phase and in-school phase APRs for this example are based on the interest rates in effect as of 10/1/2009. The in-school phase interest rate is 2.67% (with a co-signer) and 3.67% (without a co-signer). The repayment phase interest rate is 3.27% (with a co-signer) and 4.27% (without a co-signer). Payment examples based on repayment phase interest rate.

3. The repayment balance is the principal amount of the loan at disbursement plus interest that accrues during the in-school/grace period. Unpaid accrued interest is capitalized (added to your principal) at the time your loan enters repayment. The interest rate is held constant for this example.

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