Calculate Monthly Payments
- Choose how much you want to borrow for tuition.
- Try different interest rates to see the possible monthly payments (depending on your FICO score).
- You will have a total of 56, 68, or 84 months to pay back your tuition loan at Array School. This includes 8 or 13 months of interest-only payments during your program and 48, 60, or 71 months of principal and interest payments after your program.
*Terms vary by program.
*Interest rates are fixed from 7.49%. Actual interest rate will be determined by Climb based upon the applicant's credit history and/or any other material factors.
*APRs on loans range from 9.37-16.82%. An annual percentage rate (APR) in the annual rate charged for borrowing and is expressed as 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 Array School's 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.