Connect with us

Learn how to make money online

Learn how to make money online

Student Loan Repayment Calculator: +Best Way to Payoff Monthly Faster

make money

Student Loan Repayment Calculator: +Best Way to Payoff Monthly Faster

Navient Student Loan Repayment Calculator

While this isn’t only for students, it’s a solid loan repayment calculator that works well for student loans. With this calculator, you input the loan balance, interest rate, years remaining on the loan, and your current salary.

Unlike many of the calculators on this list, the Navient calculator will then show you a visual representation of your loan to principal ratio. This can help you analyze the value of the loan and the amount that you have to repay in interest. It also provides information on monthly repayments, total payments, and interest payments.

With the Navient calculator, you’re able to increase your monthly payments to see how it would impact your ability to pay back the loan. This is a solid feature that can help you analyze the benefits of increasing your monthly payment.

While the input list on this loan doesn’t include set fees or origination fees, it’s still a solid calculator. There is a range of great benefits associated with this calculator.

Fin Aid

This is a basic student loan calculator that provides users with a firm understanding of their repayment obligations. There are various components factored into this calculator, including loan balance, interest rate, loan fees, loan term, minimum payments, employment status, degree program, and total years in college.

This calculator works under the assumption that you’re paying your loan payments on a monthly basis. In addition, the calculator also only works for loans that have a fixed interest rate. The calculator doesn’t offer you the option to change the interest rate on the loan throughout the loan’s term.

As you can see, the calculator is quite extensive if you want to paint a general picture of your loan obligations. It’s good that the calculator also includes a ‘loan fees’ section so that you can add on extra costs that are often associated with modern student loans. This being said, the fact that the ‘loan fees’ portion of the calculator is quantified at a percentage rate means that you won’t be able to incorporate fixed or one-time costs into the calculations.

Fin Aid claims that this calculator works for both federal and private student loan repayment calculations. Keep in mind that you don’t need to fill in the part about employment status or degree if you don’t find it applicable.

Student Loan Hero

If you’re looking for a quick and simple repayment calculator that only takes a few seconds to use, Student Loan Hero offers a simple calculator tool. Unfortunately, this is not the calculator that you should be looking for if you have a lot of information about your loan and its details.

With Student Loan Hero’s calculator, you can input the student loan balance, average interest rate, and loan term. As you can see, there aren’t not many components to this calculator. You won’t be able to input fees or other adjustments. It’s best for people who want to get a ballpark estimate of a basic loan. You can nominate the term in one way and you won’t have the ability to adjust variable interest rates or enter fees.

If you’re looking for a true understanding of the exact costs of student loan repayments, it’s best to work with a calculator that has more to offer!

Bank Rate Calculator

Bank Rate offers a popular student loan repayment calculator that can help you quickly assess student loan repayments and obligation. Again, this is a fairly basic calculator that doesn’t offer a lot of input options — though it is more extensive than some of the other calculators in this article.

With the bank rate calculator, you can input loan amount, loan term, and loan interest rate. You can choose between putting yearly or monthly terms, which is a nice feature if you have a loan that doesn’t have an exact year amount left on its term.

While the inputs of the Bank Rate calculator are quite basic, there are definitely some features to enjoy in this product. The best part is the breakdown that the calculator provides to users. Not only will it tell you your monthly repayment amount, it will also tell you the total principal you pay, and the amount of interest that you’ll pay over the life of the loan. This is a great feature if you’re looking to understand the true cost of a loan.

Also, this calculator lets you compare multiple loans if you’re trying to decide between different lenders. Again, this is another great feature that you won’t find in all calculators.

Share Button
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top