Student Loans
Helpful Terms
& Tools
Repayment & References
It’s always helpful to see where you stand. Here are some calculators to help look at different ways to help with your loan repayments.
Calculating savings from making extra payments
Paying off student loans by a certain date
Private and federal loans
Lowering interest rates
Lowering monthly payments
Private and federal loans
Lowering monthly payments
Getting student loan forgiveness
Federal loans
Income-Contingent Prepayment Calculator
Lowering monthly payments
Parent PLUS borrowers
Federal loans
Experts say that private loans are one of the riskiest ways to pay for college. They propose that federal loans are the safest.
Loan Amount:Â The total amount you borrowed
Loan Term:Â The amount of time you have to repay your loan
Monthly Payment:Â Monthly minimum you have to pay to stay current
Annual Interest Rate:Â The cost of borrowing money, usually calculated as a percentage of the total loan amount plus previous interest and applied on a monthly basis
Direct Subsidized Loan:Â The Federal government pays the interest while the student is in college or while the loan is in deferment.
Direct Unsubsidized Loan:Â Interest begins accruing as soon as the loan is taken out.
Deferment: A period of time when the bank agrees to let you hold off on monthly payments – usually for a period of 6 months. Generally, interest continues to accumulate during a deferment
In-school Deferment:Â Mandatory deferment (usually without interest) for full time students. Expires 6 months after student ceases full time enrollment
Loan Default:Â Cessation of loan terms due to non-payment.
The best way to avoid becoming overwhelmed by student loan debt is to limit how much you take out in the first place. Here are some steps that can help you keep a lid on things.Â