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Estimate your
college expenses and balance your college budget with
this worksheet. If you find that you may need to borrow
money to help pay for college never borrow more than you
need or can afford to pay back after you finish school.
Use our
Loan Repayment Calculator
This Loan Payment Calculator computes an estimate
of the size of your monthly loan payments. This
calculator assumes that the interest rate remains the
same throughout the life of the loan. However, many
educational loan programs, including the Stafford and
PLUS loans, have variable interest rates. We suggest you
use the current maximum rates (8.25% for Stafford and 9%
for PLUS) to calculate the interest payments. (Perkins
loans have a fixed interest rate of 5%.)
This calculator also assumes that the loan will be
repaid in equal monthly installments. The results will
not be accurate for some of the alternate repayment
plans, such as graduated repayment and income contingent
repayment.
Some educational loans have a minimum monthly payment.
Please enter the appropriate figure ($50 for Stafford
Loans, $40 for Perkins Loans, and 0 for PLUS Loans) in
the minimum payment field. Enter a higher figure to see
how much money you can save by paying off your debt
faster.
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