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Monday, June 1, 2009

Estimate Your Student Loan Repayment


Estimate your future federal student loan payments using the calculator below.

Enter your Number of Monthly Payments, Simple Interest Rate and Principal Amount of Loan.

What you should know:

* Your actual payment amount will be determined by your loan holder and will be based on the amount that you borrowed. However, most loan programs require at least a $50 payment each month, no matter how small your loan amount.
* Your interest rate will depend on your loan type and when you received the loan.
* The calculator is preset to 120 months and the current fixed interest rate of 6.8 percent. You may adjust these as needed.
* It is recommended that your student loan payment be less than 8 percent of your gross income. The minimum salary field is based on this recommendation.

Number of Monthly Payments
Simple Interest Rate
Principal Amount of Loan $
Your Monthly Payment Will Be $
Your Total Interest Cost Will Be $
Minimum annual salary to handle these payments: $

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