We just launched 6 new student loan calculators to help you save money while paying off your student loans!
Why did we create these student loan calculators? So far, we’ve provided lots of great content, strategies, and tips on repaying your student loans, like this blog post: “10 Questions to Ask Before Refinancing Your Student Loans”, but it is hard to translate education and content into decisions without doing the math to understand the financial impact.
We believe our student loan calculators can help you build a student loan repayment strategy that saves you money, time, and frustration.
Without further ado, here are the 6 new student loan calculators:
The student loan comparison calculator is great for current college students who need to compare in-school student loans and graduates who want to compare student loan refinancing offers. You can compare multiple student loans side by side to help identify the total financial impact before making a big financial decision.
Want to payoff your student loans early? The student loan prepayment calculator solves for how much in extra payments you will need to pay to get out of debt by X date. For example, imagine you currently have a 20 year repayment term on $45,000 of student debt and you want to payoff your student loans in 10 years. By increasing your monthly payment by $177, you will payoff your student loans in 10 years and save $19,932 in interest.
Refinancing your student loans can be a big money saver, both in the short term and long term. Depending on the new student loan term and rate, you can effectively lower monthly payments and reduce the total interest you will pay over the lifetime. Use the student loan refinancing calculator to see how much you will save. For example, if you have $45,000 in student debt at 8.5% interest rate, and you refinance the total debt amount at 5%, you will lower monthly payments by $80/month and save over $9,600!
Need to put your student loan payments on pause? With student loan deferment you cause pause your student loans for up to 3 years depending on the loan type. Keep in mind, most instances when you enter into student loan deferment you will accrue interest on your student loans during this time period. The student loan deferment calculator will calculate the total interest you will accrue during deferment.
Have some extra money left over at the end of the month? The student loan prepayment calculator calculates if it is wiser to invest or prepay your student loans with any additional payments you might be able to make with free cash at the end of month. Even an extra $50-$100/month can have a huge financial impact on your student loans and investments! The general rule of thumb is that it is wiser to contribute your extra free cash to the highest interest rate product. For example, if your student loan has an 8% interest rate, and you found an investment opportunity that yields 6% interest return, you should focus on paying off your student loans rather than investing.
Still in school or recently graduate and want to know how much your future monthly payments and interest will be? The student loan payment calculator answers these questions and helps you decide if this is an investment (student debt) that you can afford.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Rates (APR)||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!|
|2.75% - 7.24%||Undergrad & Graduate||Visit SoFi|
|2.57% - 6.39%||Undergrad & Graduate||Visit Earnest|
|2.57% - 7.12%||Undergrad & Graduate||Visit CommonBond|
|2.99% - 6.99%||Undergrad & Graduate||Visit Laurel Road|
|2.58% - 7.26%||Undergrad & Graduate||Visit Lendkey|
|2.89% - 8.33%||Undergrad & Graduate||Visit Citizens|
Student Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.