When dealing with student loans, it is crucial to figure out the best way to pay them off and save money – especially considering that the average borrower has nearly $30,000 in debt at graduation, according to our student debt statistics. While you could calculate this by hand, it makes much more sense to utilize technology to save you time.
This is why we created a series of student loan calculators. These student loan calculators take the pain out of figuring out how to manage your debt and can give you automated advice with a few simple inputs.
You can use the following student loan calculators to compare repayment options, payoff strategies, refinancing savings, tax deductions, and more. Below you will find a quick summary of all of the different student loan calculators available. If you click on the calculator name, you will go to the page of that specific calculator.
9 Student Loan Calculators
Click on the calculator title to go to that calculator:
Use this student loan prepayment calculator to determine how much you will save by repaying your student loans early.
Unable to afford your monthly payments? Use this IBR calculator to determine your monthly payment options under the Department of Education’s income-based repayment plan.
Use this student loan refinancing calculator to determine how much money you can save through student loan refinancing and calculate your new monthly payment after refinancing.
Did you know that you can write student loan interest off your income when you file your taxes? We created this student loan interest deduction calculator to help you determine the amount of your interest deduction this year.
Should you invest or pay down your student loans? Should you save for retirement or pay down your student loans? You can use this payoff vs. invest calculator to find out!
Are you ready for repayment? Use this calculator to determine your total monthly payment including principal and interest.
Not all student loans are created equal. Use this calculator to find the best options and ways to lower the amount of interest you pay.
The Department of Education offers all federal student loan borrowers deferment and forbearance benefits. Use this calculator to compare the two options and to learn about the available programs.
Using a Student Loan Calculator
There are a variety of student loan calculators out there on the internet for you to use. Whichever you end up using, be sure to double check that the information makes sense.
Furthermore, just using a student loan calculator won’t save you money – you have to actually take action on what you learned. For example, if a student loan refinance calculator tells you that you could save $100 each month on your payment by refinancing your private student loans, you won’t automatically start saving – you have to take action.
Student loan calculators are great tools that truly can help you save on your debt, just make sure to use them correctly and to be sure you understand the general process behind each one. As an example, suppose you use our income-based repayment calculator and see that you could be paying $0 a month on your student loans. While this sounds great and all, it is important to be aware that interest will still accumulate on your loans and you will most likely end up spending much more over the life of your loan.
We hope you found our student loan calculators useful and if you have any questions, comments, or ideas for another student loan calculator, feel free to reach out.
Author: Dave Rathmanner
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