College Scholarship Search College Search Career Exploration College Admissions Articles Financial Aid and Student Loan Calculators Compare Student Loans
 
 




Loan Repayment Calculator 

Wednesday, March 16, 2011

Many students struggle with the idea of having to repay college loans. When deciding whether a student loan is a viable options, some questions to consider are:

  • How long will it take to repay?
  • How much will I have to pay monthly?
  • How much will the interest total?

Luckily, CollegeToolkit has helpful calculators that can help students to answer questions like these.

How the Loan Repayment Calculator Works

All you have to enter is the amount of the loan you received (or could get), interest rate, term (how long you have to repay it, or hope to repay it in) and the minimum required monthly payment to pay off the loan in the term you specified.

Easy right? After a little research, the Loan Repayment Calculator is a helpful tool will is an amazing resource as it will show you how many student loan payments you will need to make, how much each payment will be, and how much money overall the term of repayment will go towards interest.

Try playing with different terms to see that a shorter term means higher monthly payments, but less interest is paid overall.

Why The Loan Repayment Tool is Helpful

As previously mentioned, the Loan Repayment Calculator can help students compare loans for the best options based on interest rates and terms provided by lenders, as well allowing you to experiment with what monthly payments will allow you to pay off your loan quicker. However, it can help in another way. It's hard for students to put student loans into perspective because repayment seems so far away.

Many first-time student loan recipients are unaware of the full cost of the loan once interest is added as it just seems like some far-off and abstract concept. The Loan Repayment Calculator can break it down into numbers that are easier to digest, bringing students back to reality. This calculator really puts into perspective that it could take 10 years of monthly payments to repay that $25,000 loan, and all-the-while interest will accrue tacking on an additional $9,064 to the total amount of the loan (at an interest rate of 6.5%).

By better understanding the responsibility you are taking on with a student loan, or that a student you know is taking on, you may think twice about how much you actually need and be more diligent about picking a degree program that can help you repay this loan after graduation!

With student loans, whether they are private student loans or federal, it is best to only take out what you need in loans, to reduce the amount of interest being added to the balance monthly. If you're a student and you need some more tips on student loans, and help considering your loan options, check out StaffordLoan.com and PrivateStudentLoans.com to learn more about the different types of loans available to students.

Labels: , ,



Comments

Anonymous university of phoenix   September 27, 2012 at 6:59 AM

In today’s business world, a college education is one of the best investments you can make in your career. At Strayer University, we help you maximize your investment from the very beginning with competitive tuition rates.

Blogger Online College   August 27, 2013 at 7:43 AM

A collection of functional online calculators for use in every day domestic and commercial use. Loan Repayment Calculator.

Blogger Olivia Edrick   January 6, 2017 at 10:50 AM

We are offering professional online education degree programs. Get admission and Buy A Degree and be professional in our work roll and get success in our life.

Anonymous Anonymous   February 1, 2017 at 9:09 AM

Student loans approach in a diversity of kind. Some are support on economic need, while others are a great deal like buy dissertation online any additional loan and are base on your credit gain.

Anonymous Anonymous   June 27, 2017 at 6:48 PM

Great Post! I tried several loan payment calculators, then I came across this one. This is an excellent program. It is very easy to understand and user friendly. This is very helpful to the students. Just like Essay Writing Services Fast can also gives you a professional essay you want.

Blogger evelyndana09@gmail.com   July 13, 2017 at 8:49 AM

We honestly want to serve you the simplest matters with 100 percentage satisfactions. It is extraordinarily exhausting to say as soon as exactly must be forced to money your test.
check cashing near me

Post a Comment



<< Home