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Marlie will be starting college next month. She was approved for a 10-year, Federal Unsubsidized student loan in the amount of $18,800 at 4.29%. She
Marlie will be starting college next month. She was approved for a 10-year, Federal Unsubsidized student loan in the amount of $18,800 at 4.29%. She knows she has the option of beginning repayment of the loan in 4.5 years. She also knows that during this non-payment time, interest will accrue at 4.29%. Suppose Marlie only paid the interest during her 4 years in school and the six-month grace period. What will she now pay in interest over the term of the loan?
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