🚀 go-pugleaf

In article <6261@bsu-cs.UUCP>, mithomas@bsu-cs.UUCP (Michael Thomas Niehaus) writes:
> 
> The actual name of the program is the "Student Load-to-Own" program. Loans
> can be taken out for any amount between $2000 and $40,000, with a 36 month
> term for the smaller loans and up to a 120 month term for the largest of loans.

I guess it would help if I could type.  I meant to say "Student Loan-to-Own",
not "Load-to-Own".  Anyway, here are some rough estimates of a sample loan's
payments.  Taking out a $2,000 loan (36 month term) and deferring payments
for 1 year (until you graduate) would require that you make $30.00 payments
monthly while still in school.  When you graduate, your monthly payments
would $62.67 a month for 36 months.  This assumes a 12% interest rate.  The
total finance charge would be about $600 for the entire loan period.

A $4000 loan with the same interest rate and deferral period would behave
as follows: $42.14 a month while still in school, $105.34 a month for 48
months after graduation.  Total finance charge: $1,559.13.

-Michael

-- 
Michael Niehaus        UUCP: <backbones>!{iuvax,pur-ee}!bsu-cs!mithomas
Apple Student Rep      ARPA:  mithomas@bsu-cs.bsu.edu
Ball State University  AppleLink: ST0374 (from UUCP: st0374@applelink.apple.com)