We ask for the interest rate on your loans so that we can provide accurate estimates of the amount you’ll pay over time and the amount you’d potentially get forgiven.
That information usually comes through automatically when you sync your loan information, but it’s sometimes missing, especially after many loans were temporarily switched to 0% interest rates under the CARES Act. We need your actual interest rate to accurately project your payments.
If your interest rate is missing, it’s nothing to worry about! You may be able to find your interest rates by logging into your loan servicer’s website.
If your servicer isn’t showing your interest rate, it’s fine to put in an estimate to continue through the income-driven repayment (IDR) tool. Just know that our projections and recommendations will be based on what you enter.
If you want to estimate more accurately, you can use this chart to find your interest rate based on when you took out your loan and what type of loan you have. For consolidated loans, you can take an average of the loans that were consolidated.
As always, feel free to send us an email at hello@meetsummer.org if you have any questions!