Paying interest on an education loan earlier than the start of the
repayment period is the easiest way to lessen the financial burden of an
education loan after the college graduation. If you are eligible for a
subsidized national education loan, the government would pay the interest on
your education loan while you are pursuing your studies. If your education loan
is not subsidized and you have a loan from other sources such as banks or
private lending institutions, you have to pay the due interest. This can be
easily calculated by using an education loan payment
calculator
Find the rate of interest on your education loan. It should be
programmed on your loan reports and in your online account with the loan
supplier. If you are uncertain who your lender is, talk to the financial aid
office of your college.
Change the rate of interest to a decimal by shifting the decimal point
two spaces to the left. For instance, if your annual interest rate is 6.2 %,
shift the decimal point to the left two spaces to obtain 0.062 as your rate of
interest where you are doing your studies.
Divide the interest rate of your school education loan by 365.25, which
is the quantity of days in a year. This offers you the interest charged on your
education loan account each day. Find the balance amount on the principal of
your education loan. The principal is the sum that you have received as a loan,
as well as any interest that was capitalized if you have previously started
your repayment period. Multiply the each day rate of interest by the number of
days from the time when your previous interest payment, or if you have not made
the repayment, the number of days from the time when the loan was disbursed. Multiply
the accumulated interest rate by the principal amount to compute the interest
payment.
Summary: There is no necessity for you to do all these
complex calculations manually. The education loan calculator will do all the necessary calculations
Source : http://education-loan.blogspot.in/2014/04/ways-to-calculate-interest-payments-on.html
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