How To Use The Student Loan Interest Calculator?

 A student loan is a great way of meeting the financial requirements of your educational plans. With many lenders offering attractive features, it has become easier now more than ever to opt for an education loan. When you are taking a loan of any kind, one question that is bound to arise during the process is: what will be the EMI one will incur? One interesting way to get an idea of the same is to opt for a student loan interest calculator. This tool is provided by most lenders and is a useful tool to opt for before you go ahead with the education loan process. Let’s take a look at the procedure on how to utilize this valuable tool. 

 


1. Select the right lender for the calculator 

 

There are many websites that provide the feature of the student loan interest calculator. However, one must be wary of using just about any website. You should specifically avoid websites that ask for your personal information in order to give you access to the results of the calculator. They may save your mobile number or email and then pester you with spam messages. Opt for a lender that has a clean interface, looks reliable, and has reviews and testimonials by users. 

 

2. Enter the principal loan amount 

 

The student loan interest calculator requires three variables, out of which the first one is the principal loan amount. To get an idea of the principal loan amount, you should check the academic fees as well as the travel fare, insurance premium, living expenses, and so on. These expenses are also covered by most lenders these days. 

 

2. Enter the loan tenure 

 

Now, you have to enter the loan tenure into the student loan interest calculator as you see fit. Do remember that a shorter loan tenure may mean that your loan is paid off quickly but it may lead to a higher EMI. A longer loan tenure means lower EMIs but you may take a longer time to repay the education loan completely. 

 

3. Enter the rate of interest 

 

The third variable required is the rate of interest. The rate of interest that the lender gives you may be dependent on various factors. However, you can enter the rate of interest amount that you may think incur approximately. 

 

4. Modify the variables as per your requirement 

 

After you have entered the variables in the student loan interest calculator, you can click on ‘calculate’. The result will be made available in a matter of a few seconds. If you are not satisfied with the result, you can modify the variables as many times as you wish.

 

Benefits of using a student loan interest calculator 

 

Here are some benefits that you will gain when you use the calculator: 

 

1. Helps you structure your education loan repayment plan by giving you an approximate idea of the EMI 

2. Is completely free and easy to use 

3. Allows you to select the right loan amount by giving an idea of the EMI you will incur with each loan amount category.

 

Do remember that the actual EMI may differ from the EMI quoted by the student loan interest calculator. We hope this article has helped you. Thank you for reading. 





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