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A monthly payment calculator can help you determine how much you will pay in student loans.
The amount you will pay for your student loans is equal to your principal balance, which is the amount you borrowed, multiplied by your interest rate. If you have multiple loans, then your interest rate is a weighted average of your student loan interest rates.
A standard repayment plan is 10 years, so if you make the required student loan payments each month, you will repay your student loans in 10 years.
For example, let’s assume you have $30,000 of student loans at a 7% interest rate and a 10-year repayment term. Using the month payment calculator for student loans, your monthly payment would be $348.
Your student loan payment each month depends on several factors, including your principal balance, your interest rate and your student loan repayment plan. The standard repayment plan for federal student loans is 10 years. For student loan refinancing, you can choose a loan term between 5 and 20 years.
Let’s assume you have $10,000 in student loan debt at an 8% interest rate. Under the 10-year standard student loan repayment plan, you would pay $121.
You can calculate your monthly payment on this monthly payment calculator for student loans.
According to Mentor in its student loan debt statistics report, the average student loan for the Class of 2017 is about $40,000. Your student loan payment will depend on your balance and your interest payment as well as your student loan term.
This average student loan payment calculator can calculate how much you will each month for your student loans.
If you have multiple student loans, you can easily calculate the average interest rate of all your student loans. To calculate the weighted average interest rate, you can use this weighted average interest rate calculator.
Then, you can use this monthly payment calculator for student loans to calculate your total monthly payment.
This student loan payment calculator is simple to use.
Step 1. Enter your student loan balance.
Step 2. Enter your interest rate. If you have more than one student loan, enter the weighted average interest rate.
Step 3. You’re done.
This average student loan payment calculator will calculate your monthly payment and total payment.
There are several ways to lower your student loan payments. The best way to lower your student loan payments is through student loan refinancing. With student loan refinance , you can refinance federal student loans or private student loans or both in exchange for a new student loan with a lower interest rate. The result is a single student loan, single monthly payment, single student loan servicer and lower interest rate. With student loan refinancing, your monthly student loan payment will decrease compared with your current student loan and you can save significant money.
You can compare the latest, personalized student loan refinance rates here on Mentor.
The second prepayment strategy is to increase your monthly payment. That may sound counter-intuitive and expensive, but it will save you money in the long-run. Why? Student loan prepayment is all about reducing your principal balance and saving interest. This student loan prepayment calculator shows you how to save money when you prepay student loans.
When it comes to student loan repayment option, you have several options:
The best repayment option for you depends on your financial goals and specific financial situation. If you work in public service, for example, then Public Service Loan Forgiveness may be a viable option. If you want income-based federal student loan repayment plans and want to take advantage of federal protections in case of economic hardship, then a federal repayment plan may be one option. If your goal is to lower your interest rate and pay off your student loans faster, then student loan refinancing may be your best bet.