When looking at the total cost of your student loans, there are many factors to consider. Most student loan calculators assume that the loan will be repaid in equal monthly installments through standard amortization. Therefore, the results are not accurate for some alternate repayment plans, such as graduated repayment, or income contingent repayment.
It is important to note that some loans also have a minimum monthly payment requirement. For example:
– $50 for Stafford Loans
– $40 for Perkins Loans
– $50 for PLUS Loans
Here are some of the best student loan calculators available:
FinAid Student Loan Calculator
College Board Student Loan Calculator
Be sure to take out your student loan money wisely!
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