Posted on | June 8, 2012
Student loan interest rate calculator 2012 helps students compute their estimated monthly payments and the yearly salary they will need, to be able to pay for their student loans. Some of the information it requires are the rate of interests of the student loan, the loan amount, repayment frequency and repayment term. It will reflect the impact of interest rate changes and the late payments incurred. This is an amazing tool that can help individuals choose the best student loan program that will be suited for them.
It is recommended to use this type of calculator before registering for any type of student loan, since it will show the difference of each loan programs. And as a reminder, when computing for private student loan rates, these usually have a variable interest’s rate and so it would be better to compute for a higher rate than what the program has. This type of student loan calculator can also be used to compute for monthly payments after graduation, for them to have a clearer picture of the whole effects of their student loans.
Fortunately nowadays, there are a lot of student loan interest’s rates calculators for 2012 that are available online, the student just have to put the information necessary for the amount to be computed. With the use of this type of interest’s rate calculator, it will clearly reflect, that the bigger the term of the loan the higher the interest rate is. By analyzing interest rates, the students will see the difference and benefits of having a high interest rate with a shorter payment period.
It will instantly give the students an idea, about the distinction of federal and private student loans. For 2012 for example, Federal Stafford loan has 6.8% fix rate, federal plus loans have 7.9% fix rate and federal Perkins loan has a fix rate of 5%. Having this type of information plus the use of the student loan interest’s rate calculator, anyone who is aspiring to get a perfect loan will be equipped with the knowledge they need to be able to decide well for their future plans.