Many undergraduate and graduate students need to take out loans in order to complete their degrees. Students who understand their loans and how long it will take to repay them can more effectively manage their borrowing. College loan calculators can help students who are write essay online and considering taking out new student loans, as well as those who already are making payments. Here are some of the best student loan calculators available online.
Sallie Mae
Sallie Mae has been the largest U.S. provider of student financial services for years. With more than 40 years of experience in education, Sallie Mae is the first place many families look for undergraduate or graduate student loans. The Sallie Mae Smart Option college loan calculator is designed to help students determine which loans and payment options are right for them. The calculator allows students to adjust for the loan amount, current loans, fixed or variable rates, and the timeframe they will be in school.
Federal Direct Loans
Many students take out subsidized or unsubsidized Direct Loans, which are two common forms of federally sponsored student aid. Students with federal Direct Loans can benefit from the information on the government's Direct Loan website, where they will find a repayment plan calculator, budgeting tools, loan consolidation calculator, and calculators for income-based repayment.
FinAid.org
The FinAid.org website strives to provide students with up-to-date information on scholarships, loans, and financial aid issues for graduate and undergraduate students. The FinAid college loan calculator offers the additional benefit of allowing students to compare different loans. It also allows the student to customize the range of interest rates and fees.
College Board
One of the best elements of the online college loan calculator from the College Board is that it is easily found and used by students who have not yet borrowed money. The College Board is best known for tests such as the SAT, PSAT, and Advanced Placement, but its website contains popular college search features and information on paying for college. Students who are comparing the costs of different universities and considering student loans will find this site valuable.
Banks and Credit Unions
Most financial institutions that offer college loans to students and parents have college loan calculators. Most calculators are available on the lending institutions' websites and show amount borrowed, interest rate, and repayment information. Making calculations with a banker prior to taking out a loan can help families plan for college expenses and understand what their obligations will be when loan repayments start, usually after graduation or when a student is no longer enrolled in college.
Lenders and colleges want to see families make informed decisions about paying for college education. Loans may be part of the overall financial plan for many, but by using a student loan calculator, students and parents can have a clear picture of how much debt a student will have on graduation and how that debt will translate into student loan payments over time.
