A student loan calculator will help you understand your loan repayments in relation to your possible starting salary. One would just enter the amount(s) you have borrowed or expect to borrow for college, graduate, or professional school in a form. Then, enter the amount you expect to earn when you graduate. Submit the form electronically to get an analysis of whether the amount you have borrowed or expect to borrow is manageable or potentially burdensome.
Were can one find these calculators? These calculators are everywhere on the internet. Just type in Student Loan Calculator and you will find many different ones to choose. They all seem to be very similar in format and information requested. But keep in mind it is only an estimate.
Typically, they are set to figure a loan at a 120-month payback period. Usually there is a preset minimum payment of $50. Keep in mind all of these calculators are only a projected figure. You cannot hold your payment to whatever the calculator states they are only estimators.
Besides student loan calculator, you can find many other kinds of calculators. There is graduation-planning calculator. This calculator will help you budget your time to achieve graduation in a specified amount of time. There is a net earning calculator. This calculator will help you decide whether it is in your best interest to borrow, or borrow more, and finish sooner or work and borrow less or not at all.
There is also an in school budget worksheet to help you stay within your budget during school. Once you have completed your schooling, there is an out of school budget worksheet that will help keep you on track once you are out in the workforce. We could all us this worksheet.