Subtracting this amount from $115 results in a total of $59.20, which is the amount of your payment that would be applied to your outstanding principal balance of $10,000.
Under all of the income-driven repayment plans, your monthly payment amount may sometimes be less than the amount of interest that accrues on your loans. Find out what happens to the interest that isn’t covered by your payment.
Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%.
All interest rates shown in the chart above are fixed rates that will not change for the life of the loan.
Unpaid interest may also accrue if you are repaying your loans under an income-driven repayment plan, and your required monthly loan payment is less than the amount of interest that accrues between payments.