If you are considering taking a student loan, or already have one, it is important you know how much your monthly payments will be and the easiest way to do that is to use a student loan calculator. Once you graduate from college, you will need to start making payments. For certain loans you get a grace period of a few months after which you will have to start making payments. With every student loan there are several repayment options. The total amount due and monthly payment will be affected by the option you choose. Whether you are a student making an attempt at finding out how much you should borrow or a graduate planning your repayment schedule for your payday loans, a student loan calculator can help you greatly.
There is the standard repayment plan wherein you will need to pay a fixed amount every month until the loan is paid in full within the total duration of 10 years. Extended repayment plan is when you can pay off the loan in fixed monthly installments over a period of 10-25 years. While you can bring down your monthly payments by doing this, you will have to pay more interest.
Graduated repayment is another option wherein you start off with low monthly payments which increase every two years. While the duration of the repayment will be 10 years you will pay less initially and a lot more towards the end of the term. There is also the income based repayment where you can pay off the loan over a period of 10 to 25 years.
With all these choices of repayment, a student loan calculator is the best way to find out how much you will need to pay and which option would suit you best. Another great feature of a calculator is that it can also help you know how much you will need to earn in order to repay the loans.
You can use the widget in the sidebar of this website as a rough version of a student loan calculator.