Students are the backbone of a society or the nation’s development. They shape the future of our country. As a student, different people have different dreams regarding their careers, however not all of them get the opportunity to fulfill their dreams. Mostly, money becomes the barrier in their path of success as the education has become very expensive these days. But now, the students can get education loans from various private companies or government institutions to finance his/her educational requirements. Different loans from different companies can carry various interest rates. One may end up by paying more amount than you bargained for. So, it is a wiser to consolidate all your loans together, this way, you can make a single repayment. For consolidating your loans, you need a student loan consolidation calculator. This calculator helps you make the calculations. There are various student loan consolidation calculators available on the internet. Let us see best ones of them;
1. Federal direct consolidation loans online calculator
This is an easy-to-use student loan consolidation calculator provided by Department of Education. This tool helps the users to determine what the student loan interest rate will be after consolidating various loans. The student loan calculator is quite simple to use. For using this tool one should know the type of student loan, current balance and interest rate. In the loan type you can choose from 24 different types of student loans provided by the U.S. government. This online loan calculator helps to determine the amount of monthly payment after consolidating the student loans. This may considerably reduce the monthly payment. The calculator can also show the current interest rates and income contingent and income based payments for which the user is eligible. The calculator also contains a feature for the borrowers. Here, they can enter their gross income and their household status to calculate the benefits of using the Income Contingent Repayment plan.
2. Loan consolidation calculator
This one is amazing tool, which helps you to estimate your monthly payments, principal and interest if you are consolidating your home loans. For calculating your consolidated loans, first you need to select the number of loans (up to 20) to be consolidated. After that, enter the existing balances and current interest rates of all the loans. Also, enter the total incentives (in percentage) and delay for effect of incentives (in months). Now, click ‘Calculate’ to get your payment (amortization) schedule. This schedule includes Payment amount, Interest amount, Principal reduction and Balance due. You can also view your repayment term, average interest rate, Total amount to be consolidated, First Month’s Payment, Total interest to be repaid and Total interest and principal to be repaid. However, the exact figures may differ as per the terms of your existing loans.
3. Student Loan Consolidation and Debt Payoff Calculator
The Student Loan Consolidation and Debt Payoff Calculator works on two simple principles to pay off high-interest debt. Firstly, consolidate the existing student loans. The second one is to use the extra cash every month to pay off the higher interest debt more rapidly. This calculator applies the amount of payment savings chosen by the user to the non-student loan debt with the highest rate. Once that balance is paid off completely, the balance with the next highest rate will be paid. This process goes on until the user has rolled through all of the balances and the non-student loan debt is paid completely. After entering all the required details about your loans just click the ‘View Report’ button. You can see a graph of the ‘balance per year’. You can also see a bar chart of your ‘total interest payments’ with current and new interests.