Interest Rate Comparison
Many of our members and borrowers have wondered how our loans compare to other loans, so here is a comparison:
Canton Student
Loan
Parent PLUS
Loan
Stafford Loan
(unsubsidized)
Interest Rate:
0% during deferment
6.0% APR when repayments
begin.
This equals an actual rate
paid (effective rate) of 2.7%
to 4.2% due to the
extended deferment
when no interest is
charged.
Undergrad: 6.533% during
deferment- capitalized
interest which increases
principal balance and in
turn increases interest
paid.
Graduate: 8.083% during
deferment- capitalized
interest which increases
principal balance and in
turn increases interest
paid.
9.083% during deferment and continues when repayment begins.
​
Interest is capitalized which increases
principal balance and in turn increases interest paid.
Fees:
No fees
1.057%
origination fee
4.228%
origination fee
Undergrad/Grad
Maximum Loan:
$16,000/$24,000
$57,500/$138,000
No limit but cannot exceed the cost of attendance minus any other aid received
Grace Period:
3 months after graduation
Varies
Varies
Maximum Repayment:
10 yrs 3 mos (123 pmts) /
11 yrs (132 pmts)
Normally
10 years (120 pmts)
but may be up to
25 years (300 pmts)
Varies depending on amount borrowed but may be up to 25 years