If you are having a difficult time planing on repaying your student loans you are not alone. Repayments of student loans rank among one of the top 3 problems faced by students after college. While most of us are good with figures and math, loans can be confusing. When it comes to repaying your student loans off in the most efficient manner possible math is vital if you want to pay off your loans faster while saving money. Luckily today you do not need fancy calculators or complicated excel spreadsheets to figure it all out since there are plenty of very handy tools online available at your fingertips to automate the process. I will outline the top tools to help you get your student loan debt back on track.
Repayment Estimator from the US Department of Education
This tool will compare various repayment plans for student loans by taking your loan details and your income. It will then show you the interest, any loan forgiveness you may qualify for, and amounts you can pay with each repayment plan option available in the database once your facts and figures are plugged in. This app also helps you to figure out if you qualify for student loan forgiveness in the first place and if so how much if you are on a eligible plan that allows for student loan forgiveness. It breaks down every possible avenue for you.
Student Loan Repayment Calculator from New York Times
This tool will compare schools and various repayment options by importing data from your college of choice. The app then tells you exactly how much income you will need to make after college in order to successfully pay back your student loans. Where this is especially helpful is it takes into account what money you also need to live off of. When you are job hunting you now have a better idea of what salary ranges to aim for to meet your minimum needs. This app pretty much helps you to figure out what your debt load will be like for any college that you attend or plan to attend later on. This apps user interface and graphics are second to none when it comes to student loan apps, it makes the information extremely easy to take in, absorb and understand.
Cost of Interest Capitalization Calculator from FinAid
This handy app will help you figure out the true cost of deferring any student loan. When you defer your student loans you will in most cases pay extra for that luxury and sometimes necessity. It is helpful to know exactly what you are getting into debt wise when you decide to take on a loan deferment. While the facts may be startling it is far better to know and understand the facts and figures ahead of time rather then get slapped in the face with a dose of unexpected reality later down the road. It also helps you to plan your finances should you opt for a deferment.
Student Loan Calculator from the Washington Postw
This useful app will take into account the average median salary for any profession you are entering into and then show you how much money you will need to make to repay your student loans. It compares student loan dent to income earned by the profession you have studied for by importing vital data from the Bureau of Labor Statistics via wage estimates. You cannot do better when it comes to wage and earnings information. The salary shown is the median salary as I noted above so beware that this does not represent the starting salary of a given profession.