Loan Repayment

Loan Repayment

Loans are one way to help finance your education, but they must be repaid after graduation. There are several options when it comes to loans, but the main ones are: Federal loans or Private loans. There may be differences between the repayment terms and benefits offered to borrowers depending on the loan program and lender. Students who are thinking about borrowing a private loan should consider and compare all options carefully before deciding.

The table below shows a student loan borrower’s estimated repayment amount for various amounts and interest rates based on the Standard Repayment Plan (10 years/120 months). To get personalized repayment information as well as additional repayment options, visit the Department of Education’s official website at https://studentaid.gov/loan-simulator. Once students have borrowed, they can log into the Federal Student Loan Repayment Calculator using their FSA ID for actual repayment options based on their personal loan balances and interest rates.

Estimated Loan Repayment, based on standard 10-year repayment plan

Mercy University undergraduates who graduated in the 2022-23 academic year borrowed, on average, $22,900 in total federal loans during their degree program.

Additionally, you can use the website below to do a quick calculation of repayment amounts:
https://www.calculator.net/student-loan-calculator.html