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Student Loan Repayment Definition
Today, the average Bachelor’s degree recipient graduates from a four-year college with over $25,000 in debt. Having a plan for paying off one’s student loans in a timely yet financially comfortable manner is important for those who want to pay as little as possible in interest over time. While most lenders give borrowers 10 years or more to pay back a student loan, many prefer to pay it off sooner. After all, who wants to be making student loan payments over a decade after having received one’s degree?
With our quick and easy student loan repayment calculator, you can instantly find out how long it will take you to comfortably pay off your student loans based on a desired monthly payment. Or, if you would prefer, you can determine what your monthly payment should be based on how quickly you would like to pay off your loans.
To calculate either of the above, simply fill out the basic information in the form. This includes:
Your principal balance for that particular student loan.
The interest rate on the loan.
The desired monthly payment, OR
The desired repayment term.
Then, just click the “calculate” button for instant results. You will then find out either how many months it will take you to pay off your student loans or how high your monthly payment should be.
When paying down your student loans…
Be aware of what your interest rates are, especially if you have multiple student loans. Consider taking out a consolidation loan with a uniform interest rate if it could save you money down the road. By having a loan with one set interest rate and one monthly due date, your repayment of the loan becomes easier and saves you money.
Stay on top of your student loan payments. If you are still in school and your loans are accruing interest, be sure that you pay off your interest each month. Otherwise, this unpaid interest can capitalize when it comes time for you to begin making payments on your loans.
How to Calculate Student Loan Repayment
Let's be honest - sometimes the best student loan repayment calculator is the one that is easy to use and doesn't require us to even know what the student loan repayment formula is in the first place! But if you want to know the exact formula for calculating student loan repayment then please check out the "Formula" box above.
Add a Free Student Loan Repayment Calculator Widget to Your Site!
You can get a free online student loan repayment calculator for your website and you don't even have to download the student loan repayment calculator - you can just copy and paste! The student loan repayment calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!