Seven in 10 college graduates in
2015 have some student loans when they graduate. So, unless you’re one of those
lucky few, student loans are likely to be a part of your monthly expenses upon
graduation. Fortunately, there are many student loan repayment calculators that
can help ease the payoff process.
Borrowers are often unsure about
what their payments will be or how long repayment will likely take. Here are
three great student loan calculators for student loan borrowers to learn more
about their payment and payoff options.
Top 3 Student Loan Calculators
Student Loan Payoff
Calculator
Is a very quick way for students
getting a loan for the first time or borrowers who have not entered into
repayment yet.
Allows a borrower to see how much
their payment will be depending on the interest and length of the loan.
Once a borrower puts in his or
hers loans, the amount of interest paid will be displayed. This can be very
useful to help see how much you could save by refinancing.
Student Loan Repayment
Calculator
Several student loan calculators
offered by You Can Deal With It are focused on eliminating student debt.
Student loan repayment calculator
that shows how much you would likely pay on various federal income-based
repayment plans.
Has a student debt calculator that
compares how long it would take to pay off your loans with current payments and
with additional (prepaying) payments.
Other calculators include, budget
calculators, interest rate calculators and student loan consolidation
calculators.
Student Loan Consolidation
Calculator
This calculator offered by FinAid
is intended to show borrowers how they can consolidate multiple loans into one
loan.
It allows borrowers to enter in
various student loan types including private loans, federal loans and PLUS
loans. However, private loans can only be added to a private consolidation.
Consolidation calculator shows
what payments and terms would be if they were consolidated into one loan.
Results generate repayment and
estimated required income on a standard 10-year term, an extended repayment of
20 years and a graduated repayment program of 20 years.
Methods of Paying off
Student Loans
As the Education Loan
Calculator India propose, there are
several repayment strategies that can be adopted to help pay off your student
loans faster. Seeing how prepayment can help reduce your total interest paid is
one method that should be explored if you are the right financial state.
Consolidation is a great way to ease the repayment process and adjust the term
length of your loans accordingly. If you have federal or federal and private
loans, though, refinancing is a great way to lower your interest rate and
change your repayment terms completely as well as maximize for a lower monthly
payment or a lower total repayment.
Source: https://educationloancalculator.wordpress.com/2015/11/02/3-student-loan-calculators-that-can-help-save-you-thousands/
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