Student Loan Calculator - Calculatorall.com
There are a couple of options you have when it comes to student loan calculator. First is the simple calculator while the other one is directed at those who have not yet graduated or haven't even started. The second student loan calculator is basically for making projections. It can be used for estimating loan balance as well as the amount that you will have to pay after your graduation.
If You are Still in College or Haven't Started
Students often need financial help to cover their education costs. Be it the books they have to purchase or the accommodation that they have to cover for or even some other miscellaneous expenses, they need a certain amount of cash to make sure that they can study with mind’s peace and do not have to quit their studies in the middle. Different private and government programs are often available for students to provide them with student loans. They have different terms in play for the provision of loan amount and there are different interest rate and payment term requirements for each loan. So, it is important to use a reliable student loan calculator to determine what kind of financing can be availed and what you’ll end up paying through the term of the loan for covering your educational expenses.
Repayment Options For Student Loans
New graduates are often found struggling when it comes to the repayment of their student loans. Unfavorable circumstances like recessions or drooping job markets can make the situations even worse for them. As for the federal loans, a few alternative solutions are available that can be helpful in taking care of the payments of student loans. There are income-based plans for repayment of the student loans that can easily cover the amounts students are subjected to pay every month and basically depend on their income. Though the loan's life is prolonged by these loans but they're quite helpful in relieving the burden by taking huge monthly payments out of the equation.
Then there are graduate repayment options that gradually increase the per month payments as the time goes on. They also take into account one's projected salaries to increase the monthly payments as one grows in their career. There are such extended plans as well which let the borrowers to repay their loan in somewhere around 25 years.
Student Loan Calculator
As for our student loan calculator, the simple one requires you to enter any three parameters from amongst loan balance, loan term, interest rate and Pay extra per month to find out what you'll have to pay each month and what will be the total interest that you will have to bear.
Then there is the loan projector for students who are still in college or haven't yet started. Even this calculator will give you same measures as mentioned above, but it factors in quite a lot of other factors like number of years in graduation, estimated amount of loan, current balance, loan term, grace period and interest rate. Here, you also have the option to decide whether you want to pay the interest during your school years or not.