*You are borrowing Direct Subsidized Loans and/or Direct Unsubsidized
Loans to help you finance your education. Repaying these loans is a
serious responsibility. This guide explains some of the most important
information that you will need to successfully understand, manage, and
repay your loans.*

*Throughout this guide, the words "we," "us," and "our" refer to the
U.S. Department of Education. The word "loan" refers to one or more
Direct Subsidized Loans or Direct Unsubsidized Loans that you are
borrowing.*

## The William D. Ford Federal Direct Loan Program

## The William D. Ford Federal Direct Loan (Direct Loan) Program includes the following types of loans:

-   Federal Direct Stafford/Ford Loans (Direct Subsidized Loans)

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-   Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized
    Loans)

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-   Federal Direct PLUS Loans (Direct PLUS Loans)

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-   Federal Direct Consolidation Loans (Direct Consolidation Loans)

Loans made under the Direct Loan Program are known collectively as
"Direct Loans." Direct Loans are made by the U.S. Department of
Education.

**Who to Contact About Your Direct Loans**

Our Direct Loan Servicing Center services, answers questions about, and
processes payments on Direct Loans. You may contact the Direct Loan
Servicing Center by:

-   Calling 800-848-0979 or, if you use a telecommunications device for
    the deaf (TDD), by calling 800-848-0983;

-   Visiting the Direct Loan Servicing Center\'s web site at
    [www.dl.ed.gov](http://www.dl.ed.gov/); or

-   Writing to:

> U.S. Department of Education
>
> Direct Loan Servicing Center
>
> P.O. Box 4609
>
> Utica, NY 13504-4609.

**Where You Can Find Your Direct Loan Records**

Direct Loans are reported to the National Student Loan Data System
(NSLDS). NSLDS is our central database for student aid records. It
provides a centralized view of your loans, tracking your loans from when
they are approved through when they are paid off. You may access your
account on the NSLDS web site at
[www.nslds.ed.gov](http://www.nslds.ed.gov/) by using a Personal
Identification Number (PIN) that we assign to you along with other
identifying data. If you do not have Internet access, you may call
800-4-FED-AID (800-433-3243).

## Master Promissory Note for Direct Subsidized Loans and Direct Unsubsidized Loans

## Direct Subsidized Loans and Direct Unsubsidized Loans are made to students to help pay for the cost of education beyond high school. In most cases, the loans you received were made under a Master Promissory Note (MPN). The MPN is a legally binding agreement between you and us and contains the terms and conditions of your loans.

Under an MPN, you may receive more than one loan over a period of up to
10 years to pay for your educational costs, as long as the school you
are attending is authorized to make multiple loans under the MPN and
chooses to do so.

If the school you are attending is not authorized or chooses not to make
multiple loans under the MPN, or if you do not want to receive more than
one loan under the MPN, you must sign a new MPN for each loan that you
receive. If you do not want to receive more than one loan under the MPN,
you must notify the school you are attending or the Direct Loan
Servicing Center in writing.

###### Use of your loan money

You may use the loan money you receive only to pay for your authorized
educational expenses for attendance at the school that determined you
were eligible to receive the loan. Authorized expenses include the
following:

-   Tuition,

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-   Room,

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-   Board,

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-   Institutional fees,

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-   Books,

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-   Supplies,

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```
-   Equipment,

-   Dependent child care expenses,

-   Transportation,

-   Commuting expenses,

-   Rental or purchase of a personal, computer,

-   Loan fees, and

-   Other documented, authorized costs.

**Information you must report to us after you receive your loan**

You must notify the Direct Loan Servicing Center and/or the financial
aid office at your school about certain changes.

Until you graduate or otherwise leave school, you must notify your
school's financial aid office if you:

-   Change your local address, permanent address, or telephone number;

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-   Change your name (for example, maiden name to married name);

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-   Do not enroll at least half-time for the loan period certified by
    the school;

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-   Do not enroll at the school that determined you were eligible to
    receive the loan;

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-   Stop attending school or drop below half-time enrollment;

-   Transfer from one school to another school; or

-   Graduate.

# Money Management

Many students start college with little or no personal experience with
loans, credit cards, living expenses, and budgeting. Understanding and
practicing effective money management will help you to determine how
much money you actually need to borrow. The following tips will help you
manage your money and keep your debt under control.

## *(1)* *Know your rights and responsibilities.*

Failing to take advantage of your rights (for example, applying for a
deferment or forbearance) and to carry out your responsibilities
(keeping the Direct Loan Servicing Center informed of your address,
phone number, and other information) is a sure way to end up delinquent
or in default. Keep a complete set of all your records, and talk to the
Direct Loan Servicing Center when you have questions or concerns.

## *(2)* *Take advantage of tax relief.*

The Taxpayer Relief Act of 1997 created tax credits (the HOPE
Scholarship Credit and the Lifetime Learning Credit) for individuals
paying tuition and related expenses. Contact the IRS for more
information.

## *(3)* *Understand and limit credit card use.*

Credit cards are one form of borrowing money. If you decide you need a
credit card, stick with one card with a low limit. Multiple cards mean
higher debt. Pay off your total balance each month. If that is not
possible, always pay more than the minimum. Many credit card offers
entice you with a low interest rate for the first few months and raise
the rate after this initial period. If you make a payment late (even a
day late!), they may increase your interest rate.

##  *(4)* *Pay interest on Direct Unsubsidized Loans.*

If you borrow a Direct Unsubsidized Loan, you are responsible for paying
all of the interest that accumulates on the loan. You do not have to pay
the interest while you are in school. But if you start to pay the
interest while you are in school, it may save you a significant amount
of money over the life of your loan because the interest that you pay
while you are in school will not be capitalized. Start by making your
interest payments a budget priority. Remember that paying a little more
each month can save you many dollars later.

A common theme run through these money management tips: Develop a
budget. Developing a budget after you leave school is a very important
tool. The three main steps in creating your budget are: (1) calculating
your total resources; (2) calculating your total expenses; and (3)
determining the balance.

The Interactive Budget Worksheet and Calculator at
[www.ed.gov/DirectLoan](../www.ed.gov/DirectLoan%20) will help you
determine your total expenses and estimate your total available income.
The budget calculator lists most of the critical items to help you
consider all of your resources. Based on the figures entered, an
estimated budget figure will be calculated for the year.

Amount you may borrow

The charts on this page show the maximum amounts of Direct Subsidized
Loans and Direct Unsubsidized Loans that you may borrow for a single
academic year (annual loan limits), and the maximum amounts that you may
borrow in total for undergraduate and graduate study (aggregate loan
limits). These amounts vary depending on your academic level and
dependency status. If you are enrolled in certain health professions
programs, you may qualify for higher annual and aggregate limits on
Direct Unsubsidized Loans.

If your school awards both Direct Subsidized Loans and Direct
Unsubsidized Loans, it is required to determine your eligibility for a
Direct Subsidized Loan before determining your eligibility for a Direct
Unsubsidized Loan. The actual loan amount that you receive will be
determined by your school, based on your academic level, dependency
status, and other factors such as:

-   The length of the program or the remaining portion of the program in
    which you are enrolled, if it is less than a full academic year;

-   Your cost of attendance;

-   Your Expected Family Contribution;

-   Other financial aid you receive; and

-   Your remaining eligibility under the annual or aggregate loan
    limits.

The actual amount you receive may be less than the maximum annual
amounts shown in the charts.

> Annual Loan Limits for Direct Subsidized Loans and Direct Unsubsidized
> Loans:

  -------------------------------- --------------------------------------
  **Dependent Undergraduates**     

  First Year (freshman)            \$2,625

  Second Year (sophomore)          \$3,500

  Third Year (junior) and Beyond   \$5,500
  -------------------------------- --------------------------------------

+--------------------------------+-------------------------------------+
| **Independent Undergraduates** |                                     |
+--------------------------------+-------------------------------------+
| First Year (freshman)          | \$6,625                             |
|                                |                                     |
|                                | (maximum \$2,625 subsidized)        |
+--------------------------------+-------------------------------------+
| Second Year (sophomore)        | \$7,500                             |
|                                |                                     |
|                                | (maximum \$3,500 subsidized)        |
+--------------------------------+-------------------------------------+
| Third Year (junior) and Beyond | \$10,500                            |
|                                |                                     |
|                                | (maximum \$5,500 subsidized)        |
+--------------------------------+-------------------------------------+
| **Graduate and Professional    |                                     |
| Students**                     |                                     |
+--------------------------------+-------------------------------------+
| \$18,500                       |                                     |
|                                |                                     |
| (maximum \$8,500 subsidized)   |                                     |
+--------------------------------+-------------------------------------+

> **Aggregate Loan Limits for Direct Subsidized and Direct Unsubsidized
> Loans:**

+-----------------------------------------------------------------------+
| **Dependent Undergraduates**                                          |
+-----------------------------------------------------------------------+
| \$23,000                                                              |
+-----------------------------------------------------------------------+
| **Independent Undergraduates**                                        |
+-----------------------------------------------------------------------+
| \$46,000                                                              |
|                                                                       |
| (maximum \$23,000 subsidized)                                         |
+-----------------------------------------------------------------------+
| **Graduate and Professional Students**                                |
+-----------------------------------------------------------------------+
| \$138,500                                                             |
|                                                                       |
| (includes loans received for undergraduate study; maximum \$65,500    |
| subsidized)                                                           |
+-----------------------------------------------------------------------+

**Interest Rate**

The interest rate on Direct Subsidized Loans and Direct Unsubsidized
Loans is a variable rate that is based on a formula established by law.
The interest rate may be adjusted each year on July 1. As a result, your
interest rate may change annually, but it will never exceed
8.25 percent. We will notify you annually of the actual interest rate
for each loan that you receive.

###### Payment of Interest

We do not charge interest on a Direct Subsidized Loan while you are
enrolled in school at least half-time, during your grace period, and
during deferment periods. We charge interest on a Direct Subsidized Loan
during all other periods (starting on the day after your grace period
ends), including forbearance periods.

We charge interest on a Direct Unsubsidized Loan during all periods
(starting on the day your loan is paid out). This includes periods while
you are enrolled in school at least half-time, during your grace period,
and during deferment and forbearance periods.

If you do not pay the interest on a Direct Subsidized Loan during
forbearance periods, we will add it to the unpaid principal amount of
your loan. This is called "capitalization."

If you do not pay the interest on a Direct Unsubsidized Loan while you
are enrolled in school at least half-time, during your grace period, and
during deferment and forbearance periods, we will capitalize your
interest.

Capitalization increases the unpaid principal balance of your loan, and
we will then charge interest on the increased principal amount.

The chart below shows the difference in the total amount you would repay
on a \$15,000 Direct Unsubsidized Loan if you pay the interest as it is
charged during a 12-month deferment or forbearance period, compared to
the amount you would repay if you do not pay the interest and it is
capitalized.

  ----------------------- ---------------------- -------------------------
                          **If you pay the       **If you do not pay the
                          interest as it is      interest and it is
                          charged...**           capitalized...**

  **Loan Amount**         \$15,000               \$15,000

  **Capitalized Interest  \$0                    \$1,238
  for 12 months (at the                          
  maximum rate of                                
  8.25%)**                                       

  **Principal to be       \$15,000               \$16,238
  Repaid**                                       

  **Monthly Payment       \$184                  \$199
  (Standard Repayment                            
  Plan)**                                        

  **Number of Payments**  120                    120

  **Total Amount Repaid** \$23,315               \$23,900
  ----------------------- ---------------------- -------------------------

In this example, you would pay \$15 less per month and \$585 less
altogether if you pay the interest as it is charged during a 12-month
deferment or forbearance period.

You may be able to claim a federal income tax deduction for interest
payments you make on Direct Loans. For further information, refer to IRS
Publication 970, which is available at
[www.irs.ustreas.gov](http://www.irs.ustreas.gov/).

###### Loan fee

We charge a loan fee of up to 4 percent of the principal amount of each
loan you receive. This fee will be subtracted proportionally from each
disbursement of your loan. The loan fee will be shown on a disclosure
statement that we send to you.

**Disbursement (how your loan money will be paid out)**

Generally, your school will disburse (pay out) your loan money in more
than one installment, usually at the beginning of each academic term
(for example, at the beginning of each semester or quarter). If your
school does not use academic terms, it will generally disburse your loan
in at least two installments, one at the beginning of the period of
study for which you are receiving the loan, and one at the midpoint of
that period of study.

In most cases, if the Direct Subsidized Loan or Direct Unsubsidized Loan
that you are receiving is your first student loan under either the
Direct Loan Program or the Federal Family Education Loan (FFEL) Program,
you must complete entrance counseling before your school can make the
first disbursement of your loan.

Your school may disburse your loan money by crediting it to your account
at the school, or may give some or all of it to you directly by check or
other means. The Direct Loan Servicing Center will notify you in writing
each time your school disburses part of your loan money.

If your school credits your loan money to your account and the amount
credited is more than the amount of your tuition and fees, room and
board, and other authorized charges, the excess amount is called a
credit balance. Unless you authorize your school to hold the credit
balance for you, your school must pay you the credit balance within the
following timeframes:

-   If the credit balance occurs after the first day of class of a
    payment period (your school can tell you this date), your school
    must pay you the credit balance no later than 14 days after the date
    the balance occurs.

-   If the credit balance occurs on or before the first day of class of
    a payment period, your school must pay you the credit balance no
    later than 14 days after the first day of class of the payment
    period.

###### Canceling your loan

Before your loan money is disbursed, you may cancel all or part of your
loan at any time by notifying your school. After your loan money is
disbursed, there are two ways to cancel all or part of your loan:

-   Within 14 days after the date your school notifies you that it has
    credited loan money to your account at the school, or by the first
    day of your school's payment period, whichever is later (your school
    can tell you the first day of the payment period), you may tell your
    school that you want to cancel all or part of the loan money that
    was credited to your account. Your school will return the cancelled
    loan amount to us. You do not have to pay interest or the loan fee
    on the part of your loan that you tell your school to cancel within
    this timeframe. If you received an up-front interest rebate on your
    loan, the rebate does not apply to the part of your loan that you
    tell your school to cancel. Your loan will be adjusted to eliminate
    any interest, loan fee, and rebate amount that applies to the amount
    of the loan that was cancelled.

If you ask your school to cancel all or part of your loan outside the
timeframes described above, your school may process your cancellation
request, but it is not required to do so.

-   Within 120 days of the date your school disbursed your loan money
    (by crediting the loan money to your account at the school, by
    paying it directly to you, or both), you may return all or part of
    your loan to us. Contact the Direct Loan Servicing Center for
    guidance on how and where to return your loan money. You do not have
    to pay interest or the loan fee on the part of your loan that you
    return within 120 days of the date that part of your loan is
    disbursed. If you received an up-front interest rebate on your loan,
    the rebate does not apply to the part of your loan that you return.
    Your loan will be adjusted to eliminate any interest, loan fee, and
    rebate amount that applies to the amount of the loan that you
    return.

###### Demand for immediate repayment

The entire unpaid amount of your loan becomes due and payable (on your
MPN this is called "acceleration") if you:

-   Receive loan money but do not enroll at least half-time at the
    school that determined you were eligible to receive the loan;

-   Use your loan money to pay for anything other than educational
    expenses at the school that determined you were eligible to receive
    the loan;

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-   Make a false statement that causes you to receive a loan that you
    are not eligible to receive; or

-   Default on your loan.

###### Avoiding Delinquency and Default

If you think you might have a problem making the scheduled payments on
your loans, contact the Direct Loan Servicing Center immediately. The
Direct Loan Servicing Center can help you avoid the costs and negative
consequences associated with delinquency and default.

You are delinquent if your monthly payment is not received by the due
date. If you fail to make a payment, the Direct Loan Servicing Center
will send you a reminder that your payment is late. If your account
remains delinquent, the Direct Loan Servicing Center will send you
warning notices reminding you of your obligation to repay your loans and
the consequences of default. Late fees may be added if your payments are
late, and your delinquency will be reported to one or more national
credit bureaus.

Default occurs when you become 270 days delinquent in making payments on
your loans. If you default:

-   The entire unpaid amount of your loan becomes due and payable.

-   We will report your default to national credit bureaus.

-   We may sue you, take all or part of your federal tax refund or other
    federal payments, and/or garnish your wages so that your employer is
    required to send us part of your salary to pay off your loan.

-   We will require you to pay reasonable collection fees and costs,
    plus court costs and attorney fees.

-   You will lose eligibility for other federal student aid and
    assistance under most federal benefit programs.

-   You will lose eligibility for loan deferments.

###### Grace Period

You will receive a six-month grace period on repayment of each Direct
Subsidized Loan and Direct Unsubsidized Loan that you receive. Your
six-month grace period begins the day after you stop attending school or
drop below half-time enrollment. You do not have to begin making
payments on your loan until after your grace period ends.

If you are called or ordered to active military duty for more than 30
days from a reserve component of the U.S. Armed Forces, the period of
your active duty service, including the time necessary for you to enroll
in school after your active duty ends, is not counted as part of your
grace period. However, the period that is excluded from your grace
period may not exceed three years. If the call or order to active duty
occurs while you are in school and requires you to drop below half-time
enrollment, the start of your grace period will be delayed until after
the end of the excluded period. If the call or order to active duty
occurs during your grace period, you will receive a full six-month grace
period.

###### Repaying Your Loan

You must repay the full amount of your loans even if you: (1) do not
complete your intended program of study; (2) are unable to obtain
employment in your area of study; or (3) are dissatisfied with the
education or services you received from your school.

The repayment period for each Direct Subsidized Loan and Direct
Unsubsidized Loan that you receive begins on the day after your grace
period ends. The Direct Loan Servicing Center will notify you of the
date your first payment is due. If you do not choose a repayment plan,
you will be placed on the Standard Repayment Plan, but you may change
repayment plans at any time after you have begun repaying your loan.
There is no penalty if you make loan payments before they are due.

You may choose one of the following repayment plans to repay your loan:

-   ***Standard Repayment Plan*** -- Under this plan, you will make
    fixed monthly payments and repay your loan in full within 10 years
    (not including periods of deferment or forbearance) from the date
    the loan entered repayment. Your payments must be at least \$50 a
    month and will be more, if necessary, to repay the loan within the
    required time period. We may need to adjust the number or amount of
    your payments to reflect changes in your loan's variable interest
    rate.

-   ***Extended Repayment Plan*** -- Under this plan, you will make
    fixed monthly payments and repay your loan in full within 12 to 30
    years (not including periods of deferment or forbearance), depending
    on the total amount of your Direct Loans. Your payments must be at
    least \$50 a month and will be more, if necessary, to repay the loan
    within the required time period. We may need to adjust the number or
    amount of your payments to reflect changes in your loan's variable
    interest rate.

-   ***Graduated Repayment Plan*** -- Under this plan, your payments
    will be lower at first and will increase, usually every two years.
    You will repay your loan in full within 12 to 30 years (not
    including periods of deferment or forbearance), depending on the
    total amount of your Direct Loans. Your payments must cover the
    interest that accumulates on your loan between payments and can
    never be less than 50 percent or more than 150 percent of the amount
    that you would pay under the Standard Repayment Plan. (For example,
    if you would be required to pay \$100 each month under the Standard
    Repayment Plan, your monthly payment under the Graduated Repayment
    Plan could never be less than \$50 or more than \$150.) We may need
    to adjust the number or amount of your payments to reflect changes
    in your loan's variable interest rate.

-   ***Income Contingent Repayment Plan*** -- Under this plan, your
    monthly payment amount will be based on your annual income (and that
    of your spouse if you are married), your family size, and the total
    amount of your Direct Loans. Until we obtain the information needed
    to calculate your monthly payment amount, your payment will equal
    the amount of interest that has accrued on your loan unless you
    request a forbearance. As your income changes, your payments may
    change. If you do not repay your loan after 25 years under this
    plan, the unpaid portion will be forgiven. You may have to pay
    income tax on any amount forgiven.

The chart at the end of this guide ("*Entrance* *Counseling Guide For
Direct Loan Borrowers:* Repaying Your Loans") allows you to estimate the
monthly and total amounts you would repay under each of the four
repayment plans for various initial loan amounts.

####### ^*Entrance\ Counseling\ Guide\ for\ Direct\ Loan\ Borrowers:*\ Repaying\ Your\ Loans^1

<table style="width:100%;">
<colgroup>
<col style="width: 7%" />
<col style="width: 5%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
<col style="width: 4%" />
<col style="width: 5%" />
</colgroup>
<tbody>
<tr class="odd">
<td rowspan="3">Initial Debt When You Enter Repayment</td>
<td colspan="2" rowspan="2">Standard</td>
<td colspan="2" rowspan="2">Extended</td>
<td colspan="2" rowspan="2">Graduated</td>
<td colspan="4"><p>Income Contingent<sup>3, 4</sup></p>
<p>Income = $15,000</p></td>
<td colspan="4"><p>Income Contingent<sup>3, 4</sup></p>
<p>Income = $25,000</p></td>
<td colspan="4"><p>Income Contingent<sup>3, 4</sup></p>
<p>Income = $45,000</p></td>
</tr>
<tr class="even">
<td colspan="2">Single</td>
<td colspan="2">Married/HOH<sup>5</sup></td>
<td colspan="2">Single</td>
<td colspan="2">Married/HOH<sup>5</sup></td>
<td colspan="2">Single</td>
<td colspan="2">Married/HOH<sup>5</sup></td>
</tr>
<tr class="odd">
<td>Per Month</td>
<td>Total</td>
<td>Per Month</td>
<td>Total</td>
<td>Per<sup>2</sup> Month</td>
<td>Total</td>
<td>Per Month</td>
<td>Total</td>
<td>Per Month</td>
<td>Total</td>
<td>Per Month</td>
<td>Total</td>
<td>Per Month</td>
<td>Total</td>
<td>Per Month</td>
<td>Total</td>
<td>Per Month</td>
<td>Total</td>
</tr>
<tr class="even">
<td>1,000</td>
<td>50</td>
<td>1,080</td>
<td>50</td>
<td>1,080</td>
<td>25</td>
<td>1,175</td>
<td>7</td>
<td>2,222</td>
<td>6</td>
<td>2,133</td>
<td>9</td>
<td>1,892</td>
<td>8</td>
<td>2,008</td>
<td>11</td>
<td>1,570</td>
<td>11</td>
<td>1,573</td>
</tr>
<tr class="odd">
<td>2,500</td>
<td>50</td>
<td>3,074</td>
<td>50</td>
<td>3,074</td>
<td>25</td>
<td>4,029</td>
<td>17</td>
<td>5,556</td>
<td>16</td>
<td>5,333</td>
<td>22</td>
<td>4,729</td>
<td>20</td>
<td>5,020</td>
<td>27</td>
<td>3,924</td>
<td>27</td>
<td>3,932</td>
</tr>
<tr class="even">
<td>2,625</td>
<td>50</td>
<td>3,268</td>
<td>50</td>
<td>3,268</td>
<td>25</td>
<td>4,276</td>
<td>17</td>
<td>5,834</td>
<td>17</td>
<td>5,599</td>
<td>23</td>
<td>4,965</td>
<td>21</td>
<td>5,271</td>
<td>29</td>
<td>4,120</td>
<td>29</td>
<td>4,128</td>
</tr>
<tr class="odd">
<td>3,500</td>
<td>50</td>
<td>4,790</td>
<td>50</td>
<td>4,790</td>
<td>25</td>
<td>6,036</td>
<td>23</td>
<td>7,778</td>
<td>22</td>
<td>7,466</td>
<td>30</td>
<td>6,620</td>
<td>28</td>
<td>7,027</td>
<td>38</td>
<td>5,494</td>
<td>38</td>
<td>5,505</td>
</tr>
<tr class="even">
<td>5,000</td>
<td>61</td>
<td>7,360</td>
<td>55</td>
<td>7,893</td>
<td>35</td>
<td>8,649</td>
<td>33</td>
<td>11,112</td>
<td>32</td>
<td>10,665</td>
<td>43</td>
<td>9,458</td>
<td>41</td>
<td>10,039</td>
<td>55</td>
<td>7,848</td>
<td>55</td>
<td>7,864</td>
</tr>
<tr class="odd">
<td>5,500</td>
<td>67</td>
<td>8,095</td>
<td>60</td>
<td>8,682</td>
<td>39</td>
<td>9,513</td>
<td>37</td>
<td>12,223</td>
<td>35</td>
<td>11,732</td>
<td>48</td>
<td>10,403</td>
<td>45</td>
<td>11,043</td>
<td>60</td>
<td>8,633</td>
<td>60</td>
<td>8,650</td>
</tr>
<tr class="even">
<td>6,500</td>
<td>80</td>
<td>9,567</td>
<td>71</td>
<td>10,261</td>
<td>46</td>
<td>11,241</td>
<td>43</td>
<td>14,446</td>
<td>42</td>
<td>13,865</td>
<td>56</td>
<td>12,295</td>
<td>53</td>
<td>13,051</td>
<td>71</td>
<td>10,203</td>
<td>71</td>
<td>10,223</td>
</tr>
<tr class="odd">
<td>7,500</td>
<td>92</td>
<td>11,039</td>
<td>82</td>
<td>11,840</td>
<td>53</td>
<td>12,970</td>
<td>50</td>
<td>16,668</td>
<td>48</td>
<td>15,998</td>
<td>65</td>
<td>14,186</td>
<td>61</td>
<td>15,057</td>
<td>82</td>
<td>11,773</td>
<td>82</td>
<td>11,796</td>
</tr>
<tr class="even">
<td>10,000</td>
<td>123</td>
<td>14,719</td>
<td>97</td>
<td>17,464</td>
<td>69</td>
<td>19,175</td>
<td>66</td>
<td>22,224</td>
<td>51</td>
<td>21,083</td>
<td>86</td>
<td>18,915</td>
<td>81</td>
<td>20,078</td>
<td>110</td>
<td>15,697</td>
<td>110</td>
<td>15,728</td>
</tr>
<tr class="odd">
<td>10,500</td>
<td>129</td>
<td>15,455</td>
<td>102</td>
<td>18,337</td>
<td>72</td>
<td>20,135</td>
<td>70</td>
<td>23,335</td>
<td>51</td>
<td>22,034</td>
<td>91</td>
<td>19,861</td>
<td>85</td>
<td>21,082</td>
<td>115</td>
<td>16,482</td>
<td>115</td>
<td>16,514</td>
</tr>
<tr class="even">
<td>15,000</td>
<td>184</td>
<td>22,078</td>
<td>146</td>
<td>26,196</td>
<td>103</td>
<td>28,762</td>
<td>100</td>
<td>33,336</td>
<td>51</td>
<td>29,877</td>
<td>130</td>
<td>28,373</td>
<td>122</td>
<td>30,117</td>
<td>164</td>
<td>23,545</td>
<td>164</td>
<td>23,591</td>
</tr>
<tr class="odd">
<td>18,500</td>
<td>227</td>
<td>27,230</td>
<td>179</td>
<td>32,308</td>
<td>127</td>
<td>35,474</td>
<td>102</td>
<td>40,634</td>
<td>51</td>
<td>35,095</td>
<td>160</td>
<td>34,993</td>
<td>150</td>
<td>37,145</td>
<td>203</td>
<td>29,039</td>
<td>203</td>
<td>29,096</td>
</tr>
<tr class="even">
<td>20,000</td>
<td>245</td>
<td>29,438</td>
<td>170</td>
<td>40,904</td>
<td>138</td>
<td>44,427</td>
<td>102</td>
<td>43,509</td>
<td>51</td>
<td>37,111</td>
<td>173</td>
<td>37,831</td>
<td>162</td>
<td>40,157</td>
<td>219</td>
<td>31,394</td>
<td>219</td>
<td>31,455</td>
</tr>
<tr class="odd">
<td>23,000</td>
<td>282</td>
<td>33,854</td>
<td>196</td>
<td>47,040</td>
<td>158</td>
<td>51,086</td>
<td>102</td>
<td>48,808</td>
<td>51</td>
<td>40,772</td>
<td>199</td>
<td>43,505</td>
<td>187</td>
<td>46,180</td>
<td>252</td>
<td>36,103</td>
<td>252</td>
<td>36,173</td>
</tr>
<tr class="even">
<td>25,000</td>
<td>307</td>
<td>36,797</td>
<td>213</td>
<td>51,130</td>
<td>172</td>
<td>55,530</td>
<td>102</td>
<td>52,040</td>
<td>51</td>
<td>42,971</td>
<td>216</td>
<td>47,288</td>
<td>203</td>
<td>50,196</td>
<td>274</td>
<td>39,242</td>
<td>274</td>
<td>39,319</td>
</tr>
<tr class="odd">
<td>30,000</td>
<td>368</td>
<td>44,157</td>
<td>256</td>
<td>61,356</td>
<td>206</td>
<td>66,636</td>
<td>102</td>
<td>59,171</td>
<td>51</td>
<td>47,594</td>
<td>259</td>
<td>56,746</td>
<td>218</td>
<td>61,851</td>
<td>329</td>
<td>47,091</td>
<td>329</td>
<td>47,183</td>
</tr>
<tr class="even">
<td>35,000</td>
<td>429</td>
<td>51,516</td>
<td>298</td>
<td>71,583</td>
<td>241</td>
<td>77,742</td>
<td>102</td>
<td>65,036</td>
<td>51</td>
<td>51,152</td>
<td>269</td>
<td>68,241</td>
<td>218</td>
<td>78,564</td>
<td>384</td>
<td>54,939</td>
<td>384</td>
<td>55,046</td>
</tr>
<tr class="odd">
<td>40,000</td>
<td>491</td>
<td>58,876</td>
<td>315</td>
<td>94,632</td>
<td>275</td>
<td>101,526</td>
<td>102</td>
<td>69,755</td>
<td>51</td>
<td>53,688</td>
<td>269</td>
<td>83,965</td>
<td>218</td>
<td>101,057</td>
<td>438</td>
<td>62,788</td>
<td>438</td>
<td>62,910</td>
</tr>
<tr class="even">
<td>45,000</td>
<td>552</td>
<td>66,235</td>
<td>355</td>
<td>106,461</td>
<td>309</td>
<td>114,221</td>
<td>102</td>
<td>73,415</td>
<td>51</td>
<td>55,318</td>
<td>269</td>
<td>104,195</td>
<td>218</td>
<td>116,451</td>
<td>493</td>
<td>70,636</td>
<td>493</td>
<td>70,774</td>
</tr>
<tr class="odd">
<td>46,000</td>
<td>564</td>
<td>67,707</td>
<td>363</td>
<td>108,827</td>
<td>316</td>
<td>116,760</td>
<td>102</td>
<td>73,999</td>
<td>51</td>
<td>55,508</td>
<td>269</td>
<td>108,806</td>
<td>218</td>
<td>118,140</td>
<td>504</td>
<td>72,206</td>
<td>504</td>
<td>72,347</td>
</tr>
<tr class="even">
<td>50,000</td>
<td>613</td>
<td>73,595</td>
<td>394</td>
<td>118,290</td>
<td>344</td>
<td>126,911</td>
<td>102</td>
<td>76,063</td>
<td>51</td>
<td>56,057</td>
<td>269</td>
<td>129,985</td>
<td>218</td>
<td>124,478</td>
<td>548</td>
<td>78,485</td>
<td>548</td>
<td>78,638</td>
</tr>
<tr class="odd">
<td>60,000</td>
<td>736</td>
<td>88,314</td>
<td>451</td>
<td>162,318</td>
<td>413</td>
<td>171,946</td>
<td>102</td>
<td>78,531</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>149,233</td>
<td>218</td>
<td>137,097</td>
<td>602</td>
<td>95,554</td>
<td>551</td>
<td>98,397</td>
</tr>
<tr class="even">
<td>70,000</td>
<td>859</td>
<td>103,033</td>
<td>526</td>
<td>189,371</td>
<td>481</td>
<td>200,601</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>160,836</td>
<td>218</td>
<td>145,551</td>
<td>602</td>
<td>117,869</td>
<td>551</td>
<td>123,807</td>
</tr>
<tr class="odd">
<td>80,000</td>
<td>981</td>
<td>117,752</td>
<td>601</td>
<td>216,424</td>
<td>550</td>
<td>229,260</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>168,620</td>
<td>218</td>
<td>150,299</td>
<td>602</td>
<td>145,609</td>
<td>551</td>
<td>155,368</td>
</tr>
<tr class="even">
<td>90,000</td>
<td>1,104</td>
<td>132,471</td>
<td>676</td>
<td>243,477</td>
<td>619</td>
<td>257,916</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>172,912</td>
<td>218</td>
<td>151,575</td>
<td>602</td>
<td>179,547</td>
<td>551</td>
<td>194,213</td>
</tr>
<tr class="odd">
<td>100,000</td>
<td>1,227</td>
<td>147,190</td>
<td>751</td>
<td>270,530</td>
<td>688</td>
<td>286,572</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>174,034</td>
<td>218</td>
<td>151,575</td>
<td>602</td>
<td>220,774</td>
<td>551</td>
<td>242,226</td>
</tr>
<tr class="even">
<td>110,000</td>
<td>1,349</td>
<td>161,909</td>
<td>826</td>
<td>297,583</td>
<td>756</td>
<td>315,234</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>174,034</td>
<td>218</td>
<td>151,575</td>
<td>602</td>
<td>271,300</td>
<td>551</td>
<td>300,357</td>
</tr>
<tr class="odd">
<td>120,000</td>
<td>1,472</td>
<td>176,628</td>
<td>902</td>
<td>324,636</td>
<td>825</td>
<td>343,888</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>174,034</td>
<td>218</td>
<td>151,575</td>
<td>602</td>
<td>330,420</td>
<td>551</td>
<td>323,472</td>
</tr>
<tr class="even">
<td>130,000</td>
<td>1,594</td>
<td>191,347</td>
<td>977</td>
<td>351,689</td>
<td>894</td>
<td>372,546</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>174,034</td>
<td>218</td>
<td>151,575</td>
<td>602</td>
<td>351,332</td>
<td>551</td>
<td>331,914</td>
</tr>
<tr class="odd">
<td>138,500</td>
<td>1,699</td>
<td>203,858</td>
<td>1,041</td>
<td>374,684</td>
<td>952</td>
<td>396,909</td>
<td>102</td>
<td>78,582</td>
<td>51</td>
<td>56,123</td>
<td>269</td>
<td>174,034</td>
<td>218</td>
<td>151,575</td>
<td>602</td>
<td>357,714</td>
<td>551</td>
<td>337,247</td>
</tr>
</tbody>
</table>

^1^ The **estimated** payments were calculated using the maximum
interest rate for students, 8.25%.

^2^ This is your beginning payment, which may increase.

^3^ Assumes a 5% annual income growth (Census Bureau).

^4^ The **estimated** payments were calculated using the formula
requirements in effect during 2002.

^5^ HOH is Head of Household; assumes a family size of two