We
just launched 6 new student loan calculators to help you save money while
paying off your student loans!
Why
did we create these student loan calculators? So far, we’ve provided lots of
great content, strategies, and tips on repaying your student loans, like this
blog post: “10 Questions to Ask Before Refinancing Your Student Loans”, but it
is hard to translate education and content into decisions without doing the
math to understand the financial impact.
We
believe our student loan calculators can help you build a student loan
repayment strategy that saves you money, time, and frustration.
Without further ado,
here are the 6 new student loan calculators:
1)
Student Loan Comparison Calculator
The
student loan comparison calculator is great for current college students who
need to compare in-school student loans and graduates who want to compare
student loan refinancing offers. You can compare multiple student loans side by
side to help identify the total financial impact before making a big financial
decision
2)
Student Loan Prepayment Calculator
Want
to payoff your student loans early? The student loan prepayment calculator
solves for how much in extra payments you will need to pay to get out of debt
by X date. For example, imagine you currently have a 20 year repayment term on
$45,000 of student debt and you want to payoff your student loans in 10 years.
By increasing your monthly payment by $177, you will payoff your student loans
in 10 years and save $19,932 in interest.
3)
Student Loan Refinancing Calculator
Refinancing
your student loans can be a big money saver, both in the short term and long
term. Depending on the new student loan term and rate, you can effectively
lower monthly payments and reduce the total interest you will pay over the
lifetime. Use the student loan refinancing calculator to see how much you will
save. For example, if you have $45,000 in student debt at 8.5% interest rate,
and you refinance the total debt amount at 5%, you will lower monthly payments
by $80/month and save over $9,600!
4)
Student Loan Deferment Calculator
Need
to put your student loan payments on pause? With student loan deferment you
cause pause your student loans for up to 3 years depending on the loan type. Keep
in mind, most instances when you enter into student loan deferment you will
accrue interest on your student loans during this time period. The student loan
deferment calculator will calculate the total interest you will accrue during
deferment.
5)
Student Loan Payoff vs. Invest Calculator
Have
some extra money left over at the end of the month? The student loan prepayment
calculator calculates if it is wiser to invest or prepay your student loans
with any additional payments you might be able to make with free cash at the
end of month. Even an extra $50-$100/month can have a huge financial impact on
your student loans and investments! The general rule of thumb is that it is
wiser to contribute your extra free cash to the highest interest rate product.
For example, if your student loan has an 8% interest rate, and you found an
investment opportunity that yields 6% interest return, you should focus on
paying off your student loans rather than investing
6)
Student Loan Payment Calculator
Still
in school or recently graduate and want to know how much your future monthly
payments and interest will be? The Education loan payment
calculator answers these questions and helps you decide if this is an
investment (student debt) that you can afford.
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