If you’re like most students, you’re probably afraid of the prospect of repaying your student loans. Unfortunately, there is no fix-it remedy that will wipe your debt away. However, you might find it easy to create a repayment plan that works for your financial situation and your budget. You can download the free College Loan Calculator. This free document can calculate the amount you’ll end up spending on interest, based on your repayment plan. You may find that some plans are not worth the money you’d be saving monthly, over a 10 year period of time. To download and use this free template, just read the guide that we have conveniently provided for you below.
Getting to Know the College Loan Calculator
Downloading the free template is as simple as clicking the link at the bottom of this page.
With the document opened and ready to go, start by entering your estimated starting salary after graduation. You can see that in the example, they listed 50,000 dollars. To change this, click the link and enter your own information.
You will also need to enter the date you will start paying back your loans as well.
Scroll past the data in orange because that is the information you will receive after filling out the table below.
Start by entering your general loan details. You can list as many different lenders as you need, simply start a new row with a new lender.
Make your way through the loan payback and payment details data to receive your information. You will notice that the template has totaled all the figures you entered into the table at the very bottom of the template.
Scrolling back to the top of the page, you will also find the monthly payments, the percentage of your monthly income the payment takes up, and much more.
Download: College Loan Calculator
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