Calculate your monthly interest payment by following the steps listed below.
| STEP 1 |
Multiply the interest rate by the unsubsidized loan amount.
Example: Interest Rate x Loan Amount
6.8% x $5,000.00 = $340.00 |
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| STEP 2 |
Divide the result of Step 1 by the number of days in the current year.
Example: $340.00/ 365 days = $.94 |
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| STEP 3 |
Multiply the result of step 2 by number of days in month.
Example: $.94 x 30 = $28.20
Example: Your monthly interest payment would be $28.20. |