The main aim of using the student loan is to ensure that you are able to calculate how much you are paying and saving at the same time. For instance you will be able to do the following and much more with the student loan calculator.
Comparison of monthly payments
There are many lenders out there who offer loans with some aged monthly repayment amounts. The calculator is aimed at helping you work out how much money you will pay back to the lender for buying your loan.
How much are you paying in terms of the interest rate? Without doing the maths, you may not realize that you are being overcharged. Only by using the calculator shall you find out how much you are paying on interest alone without touching the principal sum.
Consolidation total cost
In due course, you will be able to work out how much to will cost you in total to refinance student loan. Of course this will not be possible without the refinance student loan calculator. There is the issue of the compounded interest which cannot be calculated off head. In this sense, you should be able to facilitate the loan repayment through meticulous calculations.
What will you be calculating?
There are a number of things that you will be calculating. These include standard payments, the graduated as well as the graduated ones. If there is income contingent repayment, then you will finds that it will fall under the various calculations that you will make.
The best way to learn more about refinance student loan calculator is have an online example using it. If you take the subsidized loan at an interest rate of 6.8% and have a loan balance of $1000, the loan term as per the loan calculator will work out to 1.8 years if you do your computations well.
Your monthly payments
You monthly payments will work out to $50 under this current plan with your cumulative payments coming to $1064.38
Interest on the loan
The total interest on the loan will amount to $64.38
What does the above information mean?
It for one shows you the distribution of your loan as displayed in your refinance student loan calculator. The above information may not mean a lot to you at fist but wait until you now do further calculations.
A standard consolidated student loan of the same loan balance will have an interest rate of 6.88 with a loan term of 10 years .The minimum payment per month will be $50 where the cumulative payment will be $1065.15.Note that the interest changes to $65.15.
You will also get results for the graduated and extended and carry put a comparison analysis.
You will realise how much you will be paying back on the life of the loan. This is going to be very helpful in the sense that you will be able to plan ahead of time. You will also decide which loan is most affordable to you.