Student Loan Calculator
Estimate your monthly student loan payments and total cost, including grace period interest.
Period before payments begin.
Interest may accrue during grace period.
| Month | Payment | Principal | Interest | Remaining Balance |
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1. **Understand Your Loans:** Know if your loans are federal or private, their interest rates, and repayment terms.
2. **Make Payments During Grace Period:** If possible, pay interest during your grace period to prevent it from capitalizing (being added to your principal).
3. **Explore Repayment Plans:** Federal loans offer various income-driven repayment plans that can adjust your monthly payment based on your income.
4. **Consider Refinancing:** If you have good credit and a stable income, refinancing private student loans can potentially lower your interest rate.
5. **Extra Payments:** Any extra money you pay goes directly towards the principal, reducing the total interest and payoff time.
6. **Loan Forgiveness Programs:** Research federal loan forgiveness programs if you work in public service or certain professions.