For many, student loans are a key component of paying for college. There are two types of loans private student loans which come from banks or other lenders and federal student loans which come from the government. Do your research and fully examine the terms of the loan before accepting them. Use these calculators to discover different loan repayment plans and ways you can pay off your debt sooner.
- ed.gov explains different repayment plans and has a budget calculator which can help you plan out your post graduation budget.
- Mapping Your Future has a repayment calculator to help you estimate how much you will pay monthly based on number of payments and simple interest.
- studentaid.ed.gov explains how a student loan may be forgiven, cancelled or discharged.
- CNN Money has a tool to help you estimate how quickly you can pay off your loan.
- Wells Fargo has a calculator to help you calculate your monthly loan payment for your private student loans.
- Sallie Mae has a calculator to help you estimate your monthly loan payment and figure out how it will impact your budget.