Seven in 10 college graduates in 2015 have some student loans when they graduate. So, unless you’re one of those lucky few, student loans are likely to be a part of your monthly expenses upon graduation. Fortunately, there are many student loan repayment calculators that can help ease the payoff process.
Borrowers are often unsure about what their payments will be or how long repayment will likely take. Here are three great student loan calculators for student loan borrowers to learn more about their payment and payoff options.
Top 3 Student Loan Calculators
Student Loan Payoff Calculator
- This payoff calculator offered by NerdWallet is a very quick way for students getting a loan for the first time or borrowers who have not entered into repayment yet.
- Allows a borrower to see how much their payment will be depending on the interest and length of the loan.
- Once a borrower puts in his or hers loans, the amount of interest paid will be displayed. This can be very useful to help see how much you could save by refinancing.
Student Loan Repayment Calculator
- Several student loan calculators offered by You Can Deal With It are focused on eliminating student debt.
- Student loan repayment calculator that shows how much you would likely pay on various federal income-based repayment plans.
- Has a student debt calculator that compares how long it would take to pay off your loans with current payments and with additional (prepaying) payments.
- Other calculators include, budget calculators, interest rate calculators and student loan consolidation calculators.
Student Loan Consolidation Calculator
- This calculator offered by FinAid is intended to show borrowers how they can consolidate multiple loans into one loan.
- It allows borrowers to enter in various student loan types including private loans, federal loans and PLUS loans. However, private loans can only be added to a private consolidation.
- Consolidation calculator shows what payments and terms would be if they were consolidated into one loan.
- Results generate repayment and estimated required income on a standard 10-year term, an extended repayment of 20 years and a graduated repayment program of 20 years.
Methods of Paying off Student Loans
As the student loan calculators propose, there are several repayment strategies that can be adopted to help pay off your student loans faster. Seeing how prepayment can help reduce your total interest paid is one method that should be explored if you are the right financial state. Consolidation is a great way to ease the repayment process and adjust the term length of your loans accordingly. If you have federal or federal and private loans, though, refinancing is a great way to lower your interest rate and change your repayment terms completely as well as maximize for a lower monthly payment or a lower total repayment.
To learn more about your student loan repayment options and how to refinance your student loans, visit Credible.