Do you need interest on student loans?

Pay it back on time and there will be no interest.

The national student loan enjoys the policy of free loan interest during school, but it needs to start paying interest after graduation, and only needs to pay interest within two years after graduation. Starting from the third year, it needs to pay part of the principal in addition to interest.

For example, an undergraduate student in a university has a national student loan of 6,000 yuan with a loan period of 8 years. Since interest is free during school, you only need to repay interest after two years of graduation and principal and interest in the third year, so the annual repayment amount of interest is as follows.

Assuming that the national student loan amount is 6,000 yuan, the repayment period is 4 years, and the loan interest rate is 4.90%, the repayment interest in the first year is: 6,000 * 81day *4.90%/360=66. 15 (from the time of applying for student loan in September, 65,438 +0 to 65,438) The repayment interest in the third year is: 6000*4.90%=294 yuan (the principal has not been repaid in the first two years, so the interest remains unchanged at 393 yuan, and the principal needs to be repaid at the same time in the third year, 6000/2=3000 yuan). The repayment interest of the fourth year is: 3000 * 275 * 4.90%/360 =112.29 yuan (because the repayment date of the last year is set as September 20th, the loan interest of the last year is actually less than one year, so the annual interest rate is converted into daily interest rate * actual loan days = daily loan interest; At the same time, the remaining principal should be repaid in the last year, so the remaining principal needs to be repaid in the fourth year)

Note: The calculation method of repayment interest will be different for different repayment periods of national student loans, but generally speaking, the calculation method of this case is applicable to the calculation of repayment interest of national student loans and the calculation of repayment interest of student loans in the place of origin. Students who don't know how to calculate repayment interest can substitute their loan amount, repayment period, loan interest rate and other known information into the calculation formula according to this case, so that the annual repayment interest of national student loans can be clearly settled.

Because of the national student loan interest rate adopted by the People's Bank of China in the same period, that is to say, if the benchmark interest rate of loans of the same grade in the same period announced by the People's Bank of China is adjusted, the national student loan interest rate will be adjusted accordingly. Generally speaking, the loan interest rate is adjusted once a year from the loan issuance date of 65438+February 2 1 (subject to the contract). The national student loan interest rate may not be adjusted every year, so you don't have to worry that the national student loan interest rate will increase year by year.

The annual interest rate of the loan will increase with the increase of the loan period. However, the interest of the national student loan during school is subsidized by the government, and only the interest is paid after graduation. Therefore, it can be said that if the loan period is only during the school period, then the interest-free national student loan is undoubtedly very cost-effective.