10 Best Student Loan Calculators

Most people know that keeping track of their money is important, but many people find the numbers and equations to be overwhelming.  Although it might be unpleasant at times, being aware of your obligations to your student loans can help you repay them more efficiently in the long run.  Here are ten calculators that can help you plan your finances.

  • Federal Student Loan Calculator: This calculator gives you an accurate overview of your federal student loans.  Since you log in with your Federal Student Aid PIN, it uses information about your loans found in the National Student Loan Data System (NSLDS).  Remember that NSLDS only keeps data about federal student loans, so any money borrowed from private lenders will not be used in calculations.
  • Basic Loan Calculator: One benefit to this calculator is its versatility – in addition to calculating both federal and private student loans, it can be used to calculate payments for mortgages or other loans too.  This calculator, however, does not take into account all the different repayment plans available, such as graduated or income-dependent repayment.  It assumes regular payments of the same amount of money for the entire life of the loan.
  • Big Future Student Loan Calculator: Designed to help students better understand their future debt, this calculator lets users enter information about several different loans, including federal loans, Perkins loans, and other (private) loans.  In addition to calculating undergraduate student loan, it lets you see how loans for graduate or professional school will impact your debt.
Loan Calculator

Loan Calculator

  • FedLoan Repayment Schedule Estimator: If you’re unsure of how different repayment plans will affect what you owe each month, check out this calculator.  Using your adjusted gross income, it calculates monthly payments based on a 10-year plan, 25-year plan, and an income-driven plan.
  • Federal Direct Consolidation Loan Calculator: In many cases, students consolidate their loans to achieve lower monthly payments.  This calculator lets you enter several different types of loans for consolidation, and then determines how your repayment could be affected.  There is also a section to add information about your income if you are considering an income-contingent or income-based repayment plan.
  • FinAid Prepayment Calculator: Making extra payments on your loan is one way to pay it off more quickly.  With this calculator, you can see how making additional payments on a regular basis might affect your debt.  While there are no penalties for making additional payments on federal student loans, there is no standard policy for private student loans.  Ask your lender about their options regarding prepayment.
  • Citi Student Loan Prepayment Calculator: This calculator can help you come up with a plan for paying back a private student loan.  It can calculate figures based on regular monthly payments and a single unique extra payment.  Additionally, if you want to have your loan paid off by a certain point in your life, you can see what monthly payments you would encounter based on a time-constringent plan.
  • Economic Hardship Deferment Calculator: If you experience financial difficulties after school, you might choose to defer repayment of your loans.  This calculator asks several questions to determine whether or not you might qualify for deferment, based on the current definition of economic hardship.
  • Forbearance Calculator: Another option to postpone repayment is forbearance.  With this calculator, you can see how forbearing a loan will affect its interest and, in turn, change the overall cost of your loan.
  • Loan Comparison Calculator: Many students end up taking out multiple loans during college.  Users can compare up to three loans side-by-side, accounting for different repayment variables for each loan.  This calculator would also be useful for students who are in the process of researching loans because it clearly displays how different conditions can affect repayment and overall cost.

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