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If the new page layout is not working for you, please Contact Me and let me know what device, operating system, and web browser (with version numbers) you are using so I can attempt to get the layout working for your setup.

About the Redesign

If you visited this site prior to September 15th, 2018, you've no doubt noticed that I've since launched a complete redesign of the website.

If you're not happy with the new design, I sincerely apologize. I would have preferred to keep the old desktop design, but considering the majority of my site's users are now accessing the site from small-screen, touch-enabled, mobile devices, and considering Google is now penalizing websites for not being mobile/thumb friendly, I was left with no choice but to switch to a responsive, mobile-first design.

The good news is that now that I have combined the three separate versions of the site (mobile, desktop, and ad-free member) into a single design, this will free up a ton of my time for working to make the mobile-optimized calculators more desktop/laptop friendly. In fact, some of the redesigned calculators already offer a desktop-optimized form that becomes visible when you increase the width setting of the calculator (within the "Calculator Preferences" expandable panel).

Thank you in advance for your help and patience as I work to improve the redesign.

-Dan

Calculator Preferences
Student Loan Repayment Calculator Sign

Student Loan Repayment Calculator

This calculator will help you to forecast the financial consequences of all of your combined educational borrowing. It will accept loan entries for up to 24 different student loans (up to 4 loans per year for up to 6 years), and will accommodate all types of loans: Subsidized, Unsubsidized, PLUS, and Private. The calculator also allows you to defer payments, capitalize interest, and make more than the minimum payments. Also includes a printer friendly report (combined or separate). The Learn tab includes:

  • Overcoming Student Loan Complexities.
  • Subsidized Vs. Unsubsidized Loans.
  • Simplified Types of Student Loans.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
College start date:College start date:College start month and year:Month and year you started or will start college:

Month and year you started or will start college:

Select the month and year you started or will start college.

College yrs:College years:College attend years:Number of years you plan on attending college:

Number of years you plan on attending college:

Select the number of years you plan to attend college. If you are already in college, and you would like to include student loans that you have already taken out, be sure include the years you have already completed in your selection.

Loans/yr:Loans per year:Max loans per year:Maximum number of loans per year:

Maximum number of loans per year:

Select the maximum number of student loans you expect to take out in any one year. This will expand the loan entry form to accommodate the additional loans.

Load examples:

Tap the button in this row to enter a set of example loan entries (1 loan for each year you plan on attending college). Note that you will be asked if you want to confirm a reset of the calculator before the examples will be entered. Once loaded you can choose to change the example entries to the actual variables, clear the examples one at a time, or tap the "Clear All" button to reset the calculator and remove the examples.

Year #x, Loan #y

This loan heading row will list the number pertaining to your nth year of college (Year #). Typically year #1 is your Freshmen year, #2 is your Sophomore year, #3 is your Junior year, and #4 is your Senior year. Each year will list up to 4 lines (Loan #) based on the maximum number of loans per year selected in the top section of the calculator.

Tap the plus (+) icon to show the loan variable fields for this loan. Tap the minus (-) icon to hide the loan variable fields.

If this loan's variable fields have been completed and the loan has been added to the repayment plan, the original amount borrowed will be listed on the right-hand side of the row. If not, "$0.00" will be displayed.

Loan month:

Select the month of the school year in which the loan was or will be originated. This will be used to start payments and/or start charging interest on unsubsidized loans taken out mid-year.

Loan amount:

Enter the amount borrowed for each student loan. For student loans, be sure each amount falls within the maximum allowed for the type of loan and the year number you are taking the loan out for. As of the last update of this calculator, maximum amounts for undergraduate direct loans were as follows:

Freshman:$3,500
Sophomore:$4,500
Junior:$5,500
Senior:$5,500

Loan rate:

Enter the annual interest rate for each loan. Enter as a percentage (for .06, enter 6% or just 6). To give you an idea what to enter, here is a chart showing various rates for borrow years by loan type:

Undergraduate Sub and Unsub
2014:3.86%
2015:4.66%
2016:4.29%
2017:3.76%
PLUS or Grad PLUS
2014:6.41%
2015:7.21%
2016:6.84%
2017:6.31%
Grad Unsub
2014:5.41%
2015:6.21%
2016:5.84%
2017:5.31%

Loan years:

Enter the term of the loan in number of years. The most common number of years would be ten for a standard loan repayment term. Based on your income when you leave school, you may be eligible for other types of payment plans called income contingent repayment plans that would lower your monthly payments, but extend the number of years you have to repay the loan. Click the link in the glossary for more information on these plans.

Minimum payment:

Enter the minimum monthly payment for each loan (typically $50). If the calculated payment amount turns out to be less than the entered minimum payment, the calculated payment will be used instead -- which will shorten the term and reduce the interest charges on the loan. Feel free to increase the payment amounts to see how much interest you will save by paying more than the minimum.

Loan origination fee:

If applicable, enter the loan origination fee percentage charged by the lender. Enter as a percentage but without the percent sign (for .0169 or 1.69%, enter 1.069). Typically the loan origination fee is substracted from your disbursement before you get it, so it won't be included in loan repayment schedule. However, the amount of the fee will be listed in the results. The origination fees as of the creation date of this calculator were as follows:

Undergrad Sub and Unsub:1.069%
Grad Unsub1.069%
PLUS and Grad PLUS4.276%

Loan attributes (type):

Subsidized (Sub): If the loan is subsidized, tap the Sub button to turn it orange. This will indicate that the government will pay your interest for you while you are in school and for 6 months after leaving school. After the deferment period you will begin making payments as normal. For unsubsidized loans, uncheck the checkbox, which will enable the Def and Cap checkboxes.

Deferred payments (Def): If the loan is unsubsidized and you wish to defer making principal payments until 6 months after leaving school, tap the Def button to turn it orange. However, if you plan to make full payments while you are in school (recommended), leave the box unchecked (gray). Note that this checkbox will only be enabled if the Sub checkbox is unchecked.

Capitalize interest (Cap): If this is an unsubsidized loan, and you wish to capitalize the interest (add all accrued interest to loan balance after deferment period (not recommended), tap the Cap button to turn it orange. If you plan to keep the interest current (pay interest as it gets charged, recommended), leave the checkbox unchecked. Note that this checkbox will only be enabled if the Sub checkbox is unchecked.

Add or Remove Loan, or Clear Loan Fields:

Once you have entered all variables of a loan, and checked all applicable checkboxes, place a checkmark in the checkbox in this row to add the loan to your repayment plan. You can add and remove loans from your plan simply by checking and unchecking the box (loan fields remain unchanged). Note that any time you make a change to an of the loan entries, the checkbox will need to be re-checked. To clear all field entries and remove the loan from your plan, click the ClearClearClear EntriesClear Entries button.

Y1, L1Yr #1, Ln #1Year #1, Loan #1Year #1, Loan #1
$0
Month:Month:Month:Month:
Loan amount:Loan amount:Loan amount:Loan amount:
Loan rate:Loan rate:Loan rate:Loan rate:
Loan years:Loan years:Loan years:Loan years:
Minimum pmt:Minimum payment:Minimum payment:Minimum payment:
Loan fee:Loan fee:Loan origination fee:Loan origination fee:
Type:Loan attributes:Loan attributes:
Action:Action:Action:
Y1, L2Yr #1, Ln #2Year #1, Loan #2Year #1, Loan #2
$0
Month:Month:Month:Month:
Loan amount:Loan amount:Loan amount:Loan amount:
Loan rate:Loan rate:Loan rate:Loan rate:
Loan years:Loan years:Loan years:Loan years:
Minimum pmt:Minimum payment:Minimum payment:Minimum payment:
Loan fee:Loan fee:Loan origination fee:Loan origination fee:
Attributes:Attributes:Loan attributes:Loan attributes:
Action:Action:Action:

Show results for:

Select All Loans to see the results for all loans combined, or select an individual loan to the see the results for that loan only. To print the report, click the Printer Friendly Report button displayed both at the top and the bottom of the following report area. This will open the displayed report in a separate window for printing.

Show:Show:Show results for:Show results for:
Borrowed:Total borrowed:Total borrowed:Total borrowed:

Total borrowed:

This is the total amount borrowed for either all loans, or for the selected loan.

Orig fees:Origination fees:Origination fees:Origination fees:

Origination fees:

If All Loans is selected, this field will list the total of all loan origination fees. If an individual loan is selected, the field will list loan origination fee for the selected loan.

Disbursed:Net disbursements:Net disbursements:Net disbursements:

Net disbursements:

If All Loans is selected, this field will list the total disbursements less the total loan origination fees. If an individual loan is selected, the field will list the total disbursement less the loan origination fee for the selected loan.

Max pmt:Max payment:Maximum payment:Maximum payment:

Maximum payment:

If All Loans is selected, this field will list the most you will pay for all loans during any one month of the repayment period. If an individual loan is selected, the field will list the higher of the minimum, entered, and amortized payment amounts.

Interest:Total interest:Total interest:Total interest:

Total interest:

If All Loans is selected, this field will list the total of all interest charges for all loans, from starting school to paying off the last loan. If an individual loan is selected, the field will list interest cost for the selected loan.

Total pmts:Total payments:Total payments:Total payments:

Total payments:

If All Loans is selected, this field will list the total of all interest and principal payments for all loans, from starting school to paying off the last loan. If an individual loan is selected, the field will list the total interest principal payments for the selected loan.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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