Code Fellows Monthly Payment Calculator
Calculate monthly payments
- Choose the calculator with your desired deferral period.
- Fully-deferred loans are available for daytime courses only and include six months of full deferment during your program followed by 36 months of principal and interest payments after your program.
- Interest-only deferral loans are available for both daytime courses as well as nights and weekends courses, and they include six months of interest-only payments during your program followed by 36 months of principal and interest payments after your program.
- You can pre-pay, in full or in part, at any time with no pre-payment penalty!
- Select your loan amount.
- All interest-only deferral loans come with an 8.99% interest rate, and interest rates for fully-deferred loans range from 8.99% to 12.15%.
*Interest rates for loans with interest-only deferral periods are fixed at 8.99%. Interest rates for loans with full deferral periods range from 8.99%-12.15%.
*APRs on loans range from 11.45%-14.66%. An annual percentage rate (APR) is the annual rate charged for borrowing and is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan. The APR includes a 5% origination fee.
How do we calculate Code Fellows monthly student loan payments?
One unique feature Climb has is that several of our loans involve initial, interest-only (“IO”) payments before full repayment begins. This means that your first months will consist of lower payments which include only the interest portion of your loans. This allows you to fully focus on the program you’re pursuing.
After that, the second portion of your loans consists of principal+interest (“PI”) payments, which include the remaining part of your loan. Also, with Climb loans, there is no prepayment penalty, so if you pay more than the minimum, you’ll ultimately pay less in interest.