3 Calculators To Help You Understand Your Student Loan Options
- Student loan calculators can help give you insight on the timeline of paying off your debt.
Don't settle on thinking that you will be making student loan payments for the rest of your life. These three calculators can assist in taking away your stress and get you started on a pay-down plan.
U.S. Department of Education
The federal government offers a number of resources to help you understand your repayment options.
Automatically import your actual student loan balances. Skip all the issues of multiple logins. Since the Department of Ed provides this calculator, you can log in and automatically have the calculator use your student loan balances on file.
Compare all of your repayment options. Review your standard repayment plan to the Income-Driven Repayment Options offered with federal loans.
Try the U.S. Department of Education calculator by clicking here.
Student Loan Hero
Student Loan Hero is one of the best resources for dealing with your student loans. Although they are equipped with multiple options for student loan calculators, their Prepayment Calculator is the most helpful if you want to pay off your loans early.
See how your extra payments can cut down your repayment time. This student loan calculator allows you to estimate your payout based on the minimum, and you can see how additional payments can cut your repayment time down.
The Bankrate calculator is similar to the Student Loan Hero. You can compare different payoff options, such as minimum payment vs. extra payments.
See an example of a payment schedule. The calculator allows you to see your monthly payment schedule. You can also see how your balance will decrease over time.
Use the calculator here.