This loan calculator can be used in Calculating Federal education loans such as Stafford, Perkins and other student loans. Therefore using our student loan calculators will help you analyse and build a student loan repayment plan designed to help you payoff your student loans on time.
The Stafford Loans or Direct Stafford Loans calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and sometimes Stafford Loans may vary and are determined based upon the date the loan was disbursed.
The Federal Perkins Loan or Perkins Loan is a US Department of Education assistance offered to need-based student in American colleges for post-secondary education. The Perkins Loans carry a fixed interest rate of 5% for the duration of the ten-year repayment period and are eligible for Federal Loan Cancellation.
Loan fees are used to adjust the initial loan balance, so that the borrower nets the same amount after the fees are deducted.
Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for other Loans) . Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment.