Best Student Loan Calculators | Guide | Top Student Loan Payoff, Interest & Payment Calculators


Guide to Finding the Best Student Loan Calculator


One of the most common forms of debt are certainly student loans. In fact, the most recent figures suggest that there are 44.2 million Americans carrying a combined amount of $1.6 trillion in student debt.

While there are other means of paying for college through grants or scholarships, the vast majority of students find themselves utilizing a mixture of federal and personal loans in order to finance their higher education.

Without a doubt, student loans can be a wonderful thing. They allow high school graduates—and even non-traditional students—to obtain the necessary baccalaureate and graduate degrees to further their career.

Of course, a college education tends to come along with a heavy price tag for most Americans.

Recent national figures show an average of $30,100 of student loan debt per borrower. Borrowers and recent graduates across the nation are looking to create manageable financial plans to pay off student loan debt.

One way to make these financial plans is through using one of many available student loan calculators.

In order to help college graduates successfully pay off student loan debt, our review will take an in-depth look at different ways to calculate student loan payments.

Even current students can benefit from using a student loan repayment calculator, as an education loan calculator can provide an accurate picture of how student loan amounts can affect future finances.

Our guide to finding the best student loan calculators will offer expert guidance for those looking for accurate and comprehensive analysis of their student loans. By learning how to find and use a student debt calculator, college graduates can take control of their finances and create a manageable financial plan to start paying back their loans without breaking the bank to do it.

When dealing with paying back student loan debt, planning is key. Thankfully, there are plenty of student loan calculators that can provide expert guidance for those looking to calculate student loan payments.

Recent national figures show an average of $30,100 of student loan debt per borrower. Borrowers and recent graduates across the nation are looking to create manageable financial plans to pay off student loan debt.

One way to make these financial plans is through using one of many available student loan calculators.

In order to help college graduates successfully pay off student loan debt, our review will take an in-depth look at different ways to calculate student loan payments.

Even current students can benefit from using a student loan repayment calculator, as an education loan calculator can provide an accurate picture of how student loan amounts can affect future finances.

Our guide to finding the best student loan calculators will offer expert guidance for those looking for accurate and comprehensive analysis of their student loans. By learning how to find and use a student debt calculator, college graduates can take control of their finances and create a manageable financial plan to start paying back their loans without breaking the bank to do it.

When dealing with paying back student loan debt, planning is key. Thankfully, there are plenty of student loan calculators that can provide expert guidance for those looking to calculate student loan payments.



What Should I Look for in a Student Loan Repayment Calculator?

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A student loan repayment calculator can be a useful tool when deciding how to budget after college. In order to calculate student loan payments, student loan calculators will take into account factors like interest rates, the type of loan, and repayment terms in order to estimate monthly payments.

 Not only can a student debt calculator help organize the debts owed, but it can also show how payments can positively or negatively affect the loan amount over time.

No student loan repayment calculator is the same, as each one may deal with different factors and different types of loans. There are some student loan calculators that deal specifically with one type of loan, such as a federal student loan calculator. Others may take a more general approach as an education loan calculator, including federal and personal loans. For those looking to focus on interest rates and payment, a student loan interest calculator may be the best option.

Each college student will find themselves with varying amounts of student loan debt from varying sources, so it’s important to choose a student loan payment calculator that fits each unique financial situation.

When looking for ways to calculate student loan payments, there are a few common features to keep in mind, particularly when looking for the best student loan calculators:

  • Ease of use: When determining how to calculate student loan payments, the best practice is to use a student loan payoff calculator that is easy to use. Some versions may be simpler than others. This is particularly true when considering how multiple loans can be combined through a student loan consolidation calculator.
  • Specific application: Make sure that you have a good idea as to what sort of student loan repayment calculator you need. A specific student loan interest calculator could be a lot different than a general student debt calculator. Consolidating more than one loan may require a more advanced student loan consolidation calculator. When looking for the best student loan payoff calculator for you, it is important to make sure that you find a school loan calculator to fit your specific situation.
  • Additional features: While some student loan calculators will help you calculate student loan payments by providing a simple set of projected estimates for time, minimum payments, or interest savings, there are certainly more advanced features in a student loan monthly payment calculator. For a more comprehensive analysis, look for a student loan payoff calculator or a student loan interest calculator that provides additional features, like tips and suggestions for avoiding loan default or answers to frequently asked student loan questions. These supplements work directly with a student loan calculator to help put finances into perspective.

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The Top Student Loan Calculators for this year

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Few college graduates will find themselves looking forward to sitting down with a pen, paper, and a handheld calculator to organize their debts.

Thankfully, there are plenty of top-quality student loan calculators that can automatically compile interest, loan amounts, and minimum payments. Our review has gathered a list of the top student loan calculators for students and graduates to use this year.

Whether you are looking for a student loan consolidation calculator, a federal student loan calculator, or a basic school loan calculator, these are the best tools to help calculate student loan payments.

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Student Loan Interest Calculator from Student Loan Hero

For graduates wondering how interest rates can affect their student loans over time, the student loan interest calculator from Student Loan Hero is a perfect option. This particular education loan calculator will use interest rates from loan terms ranging between 5 and 30 years in order to show short-term and long-term effects of interest rates.

For example, choosing a 25-year repayment plan at an interest rate of 7% might seem like a good option. For a loan amount of $55,000, monthly payments would only be $389. However, a closer look at the student loan interest calculator shows that while the monthly payments might be lowered, the overall cost of the loan is drastically increased.

Underneath these interest rates and terms, that same $55,000 loan will bring $61,619 in interest alone, making the total repayment $116,619.

Using this student loan interest calculator can offer valuable insight into how varying interest rates can impact student loans.

As an additional benefit, Student Loan Hero allows for users to automatically sync their loan information onto a personalized dashboard, meaning that loan information can automatically be entered into the calculator.

Not only does this make for a user-friendly student loan interest calculator, but it also makes for easy access to an additional 12 different student loan calculators through Student Loan Hero.

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Student Loan Repayment Calculator from the U.S. Department of Education

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U.S. Department of Education student loan repayment calculator is a great tool to use when looking for a repayment plan that will work best for you.

Although it is primarily a federal student loan calculator, all student loans—federal and personal—can easily be included. This student loan repayment calculator will take loan amounts, tax status, and income in order to estimate monthly payments within seven different payment plans.

Using the terms and conditions of the different payment plans, this student loan repayment calculator will display a quick comparison of monthly payments, interest, repayment period, and even projected loan forgiveness. Graduates can use this student loan payoff calculator to first determine what payment plan they are eligible for, and second, to choose the best payment plan for them.

Part of creating a manageable financial plan is being aware of each and every option. This student loan repayment calculator from the U.S. Department of Education allows for quick and easy access to each and every repayment plan. When looking for a school loan calculator that will truly help save money, this is a great fit.


Student Loan Consolidation Calculator from Edvisors Network

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Edvisors Network student loan repayment calculator is best suited for graduates who are considering consolidating their loans in order to get better interest rates and more manageable monthly payments.

As a federal student loan calculator, this particular student loan calculator can help determine the benefits of consolidation for any combination of the following loans:

  • Subsidized Stafford loan
  • Unsubsidized Stafford loan
  • Perkins loan
  • Graduate PLUS loan
  • Parent PLUS loan

This student loan payoff calculator takes the interest rate, amount, and term for each type of loan and combines them together to show how consolidation can affect overall student loan debt.



Additionally, Edvisors Network uses credit score as a supplement to their student loan calculator. Although credit score is not a necessary factor in student loan consolidation, it does help when considering refinance options.

The benefit to using this student loan payoff calculator is that it provides a thorough estimate of whether student loan consolidation is a feasible option. Consolidation is typically a beneficial option for borrowers with multiple loans who would prefer to have a more simplified repayment process. This student loan repayment calculator also demonstrates how payments can be lowered through consolidation, making it a thoroughly worthwhile student loan calculator to use.

When considering repayment options, using a student loan consolidation calculator can provide valuable insight into how consolidation could help create a manageable financial plan. Additionally, Edvisors Network offers additional resources, like answers to frequently asked questions and instructions on how to locate multiple student loan lenders.

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Cost of Interest Capitalization Student Loan Calculator by FinAid

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FinAid student loan interest calculator will demonstrate the cost of loan deferment over time. Though it is one of the simplest student loan calculators, it is also one of the most widely used calculating tools. Each and every graduate has the option for loan deferment, and this student loan payment calculator can help determine whether deferment is the right choice for you.

While it seems as though putting student loans on hold is a great option, there are additional elements to consider when thinking about a deferment, particularly where interest is concerned.

When unsubsidized loans are deferred, the interest continues to grow. Seeing how interest increases in deferment through FinAid’s student loan interest calculator can keep graduates prepared to manage fluctuations in their principal balance once deferment ends.

Graduates who are considering deferring their loans will want to first use this student loan payoff calculator to get a clear picture on how deferment will impact their overall debt. As a simple and straightforward student loan monthly payment calculator, the Cost of Interest Capitalization Student Loan Calculator from FinAid is a crucial tool for any college graduate who is considering loan deferment.



Student Loan Calculator from Bankrate

Bankrate student loan payment calculator can provide estimates for minimum monthly payments and how long it will take to pay the entirety of the loan. For basic estimates on monthly payments and long-term costs, this school loan calculator is an excellent option.

What really sets Bankrate’s calculator apart are the added features. As an additional benefit, this student loan payoff calculator also allows for extra payments to be calculated. These extra payments can be added on a one-time, monthly, or yearly basis.

Once additional payments are added, the student loan monthly payment calculator becomes a much more enhanced student loan payoff calculator. This tool will show any changes to the payoff date, as well as a detailed amortization table. Borrowers can see how additional monthly payments affect the overall life of the loan, including payments to principal amount and interest amount.

College graduates will also be happy to know that there are additional resources to help them find financial stability amidst student loan debt. Aside from their student loan payoff calculator, Bankrate offers tons of strategies for quicker loan repayment and talking with lenders about financial issues.


Conclusion

There’s no doubt that a college education is a worthwhile endeavor. Fortunately, student loans make higher education accessible to the many who cannot afford to pay out of pocket for college classes.

In fact, for the majority of students, taking out a student loan is the only way to make college education possible.

Student loans can easily become a double-edged sword, as these debts can quickly become debilitating. The average monthly student loan payment is $351, which can be difficult to pay off for a new graduate. This difficulty is shown by the current student loan delinquency rate of 11.1%.

The best way to avoid the troubles that come with student loan debt is to create a solid financial plan. A student loan calculator can be a valuable tool when looking to pay off student loans.

Using a student loan interest calculator or a student loan payoff calculator is one of the most beneficial ways for college graduates to organize their finances, plan for the future, and to keep student loan debt manageable.

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