Student Loan Payoff Calculator: Doing It Manually in 5 Steps!
The price of education has gone more and more expensive nowadays. Hence, students are taking chances on getting financial grants and scholarships from either private and government institutions. Unfortunately, most of these grants and scholarships are either need-based, academic excellence, or minority group focused. In result, most average middle class families and students take refuge on student loans to pay for their education.
One of the most notable student loans offered by the government is the Stafford loans. This type of loan can either be subsidized or unsubsidized. The main difference between subsidized and unsubsidized loans is that subsidized loans do not accumulate interest until they are in payment. However, despite all these programs, a lot of students would like to know the truth behind how much they will need to pay for each month.
Following the steps below, you don’t need to have a student loan payoff calculator to get the desired data:
- To get the interest rate per month, you must first divide the annual interest rate by 12. (ia= annual interest rate; im=interest rate per month; ia/12=im). For instance, a student has a loan of $20,000 with 5.2% interest rate (5.2/12=0.00433), this gives us 0.00433 interest rate per month.
- Next, add 1 to the interest per month, then raise the result by the power of the negative amount of total payments. For instance, the loan is payable in 15 years, there would 180 payments (15*12). (1+.004333)^-180=0.45945.
- From the number calculated in step 2, subtract 1 from it. (1-.45945=0.54055).
- Then, you need to multiply the interest rate per month by the loan amount. ($20,000 * 0.00433=86.6).
- Finally, divide the number calculated in step 4 by the number calculated in step 3. (86.6/0.54055=$160.21), this would be the amount you would pay each month to pay off the loan in 15 years.
Now, you can start prioritizing and budgeting your money in able to pay off this debt and avoid future issues. See how easy it is to calculate your monthly student loan payment even without a student loan payoff calculator.
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