Student debt calculators
Federal Student Loans
The Federal Student Aid Repayment Estimator is the calculator to use for borrowers with Federal loans that are looking for a basic understanding of their options. It's simple to use and the report provides a short, concise summary of the repayment plans and corresponding projected total costs. However, for the more analytical types, you might be left wanting something a bit more detailed. Repayment plan projections include the following: Standard, Graduated, Extended Fixed, Extended Graduated, REPAYE, PAYE, IBR, IBR for New Borrowers, and ICR.
Detailed Student Debt Analysis
Physicians, attorneys, pharmacists, and veterinarians notoriously graduate with massive amounts of student loans. In fact, the debt problem is probably the worst for the veterinary profession when one factors in their debt load relative to their expected income. It's why the Veterinarian Information Network (VIN) created one of the best online student loan calculators. It's free to use and is a great source for running various repayment scenarios and projections. However, the amount of detail required to do a a meaningful comparison requires a borrower to be knowledgeable about student loans. In other words, this calculator is for the DIY type that knows what they are doing.
Other Loan Calculators
Refinance Student Debt
The Student Loan Hero calculator is a great resource for borrowers interested in refinancing their student loans. One word of advice for borrowers with Federal loans, be sure to evaluate the cost of your income-driven repayment plan choices before opting to refinance. After refinancing, access to the more flexible Federal programs are gone forever. However, borrowers with private loans should strongly consider refinancing their debt because the chances are good that you can lower your interest rate. At the end of the day, Student Loan Hero is a great place to start if you are dead set on refinancing because they also provide links to the top 6 lenders.
Too often student loan borrowers find themselves delaying the purchase of a house because quite frankly adding a mortgage payment to their student debt feels like paying 2 mortgages. That being said, one way to find out if homeownership is within budget is running the numbers. Zillow has a great mortgage calculator. It goes beyond just showing what you would pay in terms of principal and interest. Meaning their calculator also factors in property taxes, PMI, homeowners insurance, and HOA dues - all the stuff that matters. Additionally, they have other resources like an affordability calculator, VA mortgage calculator, refinance calculator, and debt-to-income calculator.