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Does anybody know a good student loan repayment calculator?

I’m looking for a good student loan repayment calculator to measure my possible monthly payments. I haven’t got any loan or scholarship yet; however, I’m looking for some options and would like to be able to know possible repayments. A fed student loan is preferable, of course, but the private ones will come into play if I get nothing else. My student loan will have to cover all my years of studying, so, the payment will be pretty big and I’d like to know exactly how big they’ll be.

Also, if you have any information on personal loans for students, I would appreciate your advice.

Samantha Stevenson

in Student Loans

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Bethany Evans on March 15, 2018

Well, there are many student loan repayment calculators and I can’t decide which one to suggest to you. So, I’ll dwell on the few best ones and let you decide which one you like the most.

First of all, try the Student Loan Hero calculator. The program estimates your monthly payments and the total interest you will have to pay. You just need to share your loan balance, interest rate, and the term of the loan. For a ten-year term, this student loan calculator will estimate monthly payments based on the standard student loans, both federal and private ones. Here is a link to the service: https://studentloanhero.com/calculators/student-loan-payment-calculator/ There are many other tips on getting a student loan from a reliable bank to choose and the rules of student loan refinancing.

Remember that no matter what calculator you choose, you have to check the result at other services to be sure that the repayment amount of money is right.

So, following this advice, you’ll have to keep a few other choices nearby. Let’s start with one of the most popular lenders—Sallie Mae. This company provides financial aid of various kinds including scholarships and loans. The basic numbers you have to enter are the same as the previous calculator asks for. Unfortunately, it doesn’t provide the function of calculating multiple loans.  https://www.salliemae.com/college-planning/tools/student-loan-repayment-calculator/

Mind that unlike the fed student loans that have a fixed interest rate, most private ones have flexible rates. In addition, Sallie Mae offers us an opportunity to use the college planning calculator that helps you to see the full cost of colleges and to build a customized plan depending on your choice and situation.

The last option I can suggest you for personal student loans is the program by FinAid. In addition to the regular monthly payment estimates, it also provides the size of required salary to be able to repay the loan without feeling financial difficulties. It can also be used for federal and private loans alike.

Remember that the calculator is not meant to deal with flexible rates as it assumes that your interest remains the same throughout the years. I used this one to calculate my student loans and the numbers were accurate.

If you are looking for something else, I suggest you to pay attention to those options that work with refinancing and consolidation as you may need to calculate them too.

Kayla Bowena year ago

Yes, while all these options are great and usually show accurate numbers, I want to highlight my favorite student loan repayment calculator by Discover. It is quite simple yet very effective. Of course, it doesn’t do anything extraordinary and works with simple loans and uncomplicated situations, but this is a great choice to check your results. It also takes into account the type of loan you have and how many years are left until graduation.

As a good multiple student loan calculator, I can advise you using a special consolidation calculator by FinAid. This is not a simple program with a few required fields anymore, this is a complex system that can accurately tell you how much money you have to pay and what interest rates follow the consolidation of all your financial aid offers. There are many options for your loans and you will be able to include all of them in the scheme.


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