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Student Loan Payment Calculator

Want to get a better idea about your student loan payments? Use one of these 3 best student loan payment calculators.

The student loan payment calculator works out how much you’ll be paying with monthly payments for your federal student loans or private student loans.

The tool is useful for anyone looking to plan their college finances or organize their payments on an existing loan. Whether it’s for comparing financial aid bundles or budgeting, a student loan payment calculator can be useful for anyone with student loans.

Read on to learn about the 3 best student loan payment calculators you can use today.

How the Student Loan Payment Calculator Works

In order to use the college loan calculator, you’ll need a few details on hand. Make sure you have the following information.

Loan Amount

The calculator will prompt you to enter a figure that corresponds to your loan balance. Here, you should enter the amount that you owe on a single loan.

That means that one at a time, you should only enter the amount owed per loan, even if you have more than one. After the result has been generated, repeat the process for every loan that you have.

Interest Rates

Once you’ve input the amount on a single loan, enter the interest rate on that loan. For multiple loans, there are usually different interest rates. Therefore, keep that in mind when using the calculator.

There are various factors that affect the loan’s interest rate, such as the year you took it out, whether it’s federal or private, and even your credit score. Irrespective of whether you have a private or federal loan, each one will accrue interest daily.

Subsidized vs. Unsubsidized Loan

The calculator also requests that you state whether your loan is subsidized by the government or not. This information is important as it plays a role in the amount of interest that you pay when the repayment plan period commences.

With a subsidized student loan, the government takes care of the interest accrued while you are at school, as well as, six months after your program has completed.

If your loan isn’t subsidized, the total amount of interest accrued while you’re at school will be added to the amount owed on the loan. In order to get the government to subsidize your loan, you need to meet specific financial requirements.

3 Best Student Loan Payment Calculators

1.       FutureFuel.io

FutureFuel.io’s Reassess tool empowers student loan borrowers to make smarter decisions about their alternative repayment options.

It customizes calculations to a borrower’s unique circumstance, based on their marital status, income, and state of residence.

Reassess demystifies the eligibility requirements for all government-sponsored repayment plans so you can save time and money. Plus, it enables you to directly switch to a new plan easily without spending hours on the phone with your servicer.

In a matter of minutes, see how much you could save with personalized insights! The average borrower saves between $260 – $326 per month by using FutureFuel.io’s Reassess tool.

2.       Student Loan Hero

Student Loan Hero’s Student Loan Payment Calculator helps you calculate how much you will be paying on your loan based on different payment plans over the life of your loan.

You just have to enter your student loan balance, the average interest rate, and the loan term in years. The results will show you your total loan balance, monthly payments, and your repayment term based on different payment plans and options.

3.       MagnifyMoney

MagnifyMoney’s Student Loan Payment Calculator provides details on how much in monthly payments you’ll be making on your loan, based on different forms of payment plans.

After you enter your loan info, it’ll calculate the monthly payments and the total paid amount and will show you the estimated interest and principal amounts. You can then decide on a payment plan based on your ability to pay.

Using the Student Loan Payment Calculator

Once you enter the information, the student loan payment calculator will churn out your results. Among them, you will find the following:

  • Amount For Monthly Payments – The calculator tells you how much you should be paying per month on your loans. Therefore, you should use the amounts generated from the calculator as a guide for financial planning and not to substitute the official amounts stipulated by the loan company.
  • Amount Taken – This is the figure that you took out on the loan. Remember that if you have multiple loans, the sum of those loans will not appear at this stage. Instead, you will have to follow the steps listed above to get the results on each specific loan you’ve taken out.
  • Accrued Interest at School – The college loan calculator lets you know the total interest accrued during your time at school, as well as, during the 6-month grace period.
  • Updated Total Amount – The system also tells you the total amount that you have to repay as of that date. This is inclusive of the amount that you borrowed, as well as, the accrued interest. Please note that that amount does not include the extra daily accrued interest payments.

Using these results, you can decide what loan repayment strategy is best for you.

Start Using the Student Loan Payment Calculator

It’s always better to have a clear idea of your options. The student loan payment calculator helps paint a clearer picture of your student loan situation.

Using the results, you can develop a repayment strategy or opt for a specific repayment plan.

More importantly, if you combine its use with a personalized financial health platform like FutureFuel.io, you could double your efforts and clear your debt faster.