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Is there a reliable student debt payoff calculator?

I’ve accumulated much student debt during my 4-year undergraduate program and my debt extends beyond just one institution. I am looking to start my graduate studies soon but I’m hoping I can clear a good chunk of my previous loan first before trying to take another one. Is there a strict or clearly set student credit limit that may make me ineligible for more student funding? What about consequences of defaulting? Is there a federal student debt center where I can access information about student loan repayments and renegotiating your debt package?

Whitney Matthews

in Student Loans

1 answer

1 answer

Kaitlin Dean on February 5, 2018

You are facing the same problem that almost 40 million other Americans face every year there is a new bunch of graduates. With a total debt of over 1.2 trillion dollars, student debt is second only to mortgages, I think. These numbers don’t even consider grants and billings to student credit cards, so the number is much higher than that figure. I need to ask, what kind of student loans do you have? There are different kinds of loans including federal student loans, direct subsidized loans and other educational loans. Since you have already gone through the entire process of applying and getting student loans, let me save you some trouble. Defining the credit limit of a student might be difficult, especially since there are different loan products. If you have taken student loans with your institution, then this obviously reflects on your social security number, which might affect how you get other loans.

Are you also talking about student credit cards? These are offered by different institutions which gives them more control to decide whether or not you are eligible for any more loans. Anyone who is giving you money with interest will always apply preconditions which means at some point you might not be eligible for student loans. The Federal Center for Student Debt; I don’t think I’ve heard of that one before although there is the FDSLP, which is what most students in colleges apply for.

For a calculator for student debt payoff, there are several which you can use. Most of these don’t really show the importance of the detail, rather they just show you the figures but not really what to do with them. I’ve used Student Loan Hero which was a great way of showing how I could reduce my current student debt by paying certain amounts extra and what my interest rate would be. Honestly, student debt sucks especially by the fact that rates keep increasing and wages remain static or reducing. There is no way out of student debt other than just working and repaying it. If you’re lucky enough to win the lotto maybe. There are institutions that may offer debt refinancing, maybe spread out the loan over a longer period of time. Overall, you just need to check with your lenders and see if they have any special renegotiation deals or any consolidation options. They might have certain eligibility requirements.

Kurt Price2 years ago

There are several ways to have your student debt cancelled although most of them only apply to certain special conditions. The most notable methods include:

  • Public Service Loan Forgiveness (PSLF)
  • Perkins Loan Cancellation and Discharge
  • Teacher Loan Forgiveness
  • Total and Permanent Disability Discharge
  • Bankruptcy (who can forget?)

There are other types too, but if you research on these, you’ll find that most are only special conditions. If you don’t fall under these categories in any way, maybe you should look to start your debt refinancing. There are institutions that offer debt refinancing but these will look at your credit rating first.

As for student credit limit, that depends on what kind of credit you want to take. Maybe a credit card? For normal federal loans, you need to start paying 6 months after the last disbursement is made. Thus, you can file for extenuating circumstances if you completely can’t pay.

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