Student Loan Calculator

Written by Mark Sanfilippo
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Student loan calculators can be a really great way to figure out the details of your college loan repayment schedule. You can find a variety of student loan calculators on student loan information websites. These calculators essentially allow you to enter in the specifics of your loan e.g., interest rate, etc. and then they help you determine how much income you'll need to generate in order to be able to comfortably pay back the loan.

These calculators can be a great financial tool for students and graduates, and they work well for most loan types, including Federal loans (a category that includes Family PLUS, Perkins and Stafford loans) and private loans. You just have to know the particular interest rate that your loan is set at. Many of these loans types however, have a variable interest rate.

In order to just get a ballpark figure using the calculator you can use the maximum allowable interest rates for the Stafford and the PLUS loans. Stafford loans top out at 8.25 percent while PLUS loans have a maximum interest rate of nine percent. Perkins loans on the other hand are fixed permanently at five percent and thus are the easiest to calculate accurately.

Loan Calculators Don't Account for Flexible Repayment Plans

The downfall of most student loan calculators is that they don't have the ability to take into account the various repayment plans out there. For example, if you are currently using a graduated or an income based payment plan then the loan calculator may not be as helpful as a tool. A good student loan consolidation company however, should be able to help you deal with these variances regardless of your payback schedule.

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