I suggest checking at several companies as you never know who will show up with the best interest rates to refinance your college costs. Moreover, it only takes as little as a couple of minutes. You can check your rate without affecting your credit score. How Does the Process Work and What are the Companies You Suggest?
Excel student loan repayment calculator free#
If you decide to refinance after using this tool, I really appreciate it! You help me out a lot by supporting this site and keeping this tool free for others to use. You’ll get anywhere from $100-$750 AND a lower interest rate (which is the only reason to refinance student loans, of course). I think it’s better for the reader and client to split it with you.
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Many personal finance blogs and student loan-focused websites embed referral links and take all of the referral bonus for themselves. If the student loan refinancing row shows up as the cheapest option, that means I think there’s a chance you could save a lot of money by checking out offers from private lenders. If Refinancing is Your Best Option, Get Exclusive, Recommended Cash BonusesĪfter entering all your info into the student loan calculator, you’ll notice different costs for the various plans. To find out, manually enter your income growth over time and instantly see how your payments change. What would your monthly student loan payments be under PAYE, REPAYE, and IBR? Once you become an attending, you’ll earn $200,000 adjusted up for inflation. Hence you’d make $130,000 for this “in-between” year. For half the year, you’d make a resident income of $60,000 but the other half the year you’d make an attending income of $200,000. Pretend you’re a resident physician making $60,000 for the next four years. You’d also like a calculation to know if you should refinance your student loans. You know what you’re paying now, but you’d probably like to know what you could be paying in five years too. All Rights Reserved.Predict Your IBR, PAYE, and REPAYE Payment Link the final result to the other variable cells to drive the model changes. You can use Goal Seek with complex financial models as well as simple problems. You can press Cancel to not overwrite the results. Pressing OK will transfer the correct solution to the cells and the corresponding amount to borrow will be £11,774. This simple example will be solved very quickly and a confirmation dialog box will be displayed. Press OK to perform an iterative technique to try and find the specified goal.ĭifferent values will be tried repeatedly for the value in cell "C2" until the value in cell "C5" is £260.00. The "By changing cell" is the cell containing the value that you want to change in order to change the formula (in the "Set cell").
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The "To value" is the value that you want to find a solution for. The "Set cell" is the cell that contains the formula. the cell containing the formula) and press (Tools > Goal Seek). In this case we could change the "Amount to Borrow" to say £11,000 and the "Monthly Repayment" would change automatically to £242.92. Lets suppose though that we had not decided on the exact amount to borrow or even the number of years over which we wanted to pay off the loan. Given the values above we can see that the monthly repayment would be £220.83.
Excel student loan repayment calculator trial#
We can use our original formula and let the Goal Seek iteration process perform the trial and error for us.Ĭreate the following table and the following named ranges:Ī formula is entered into cell "C5" that will calculate the monthly repayment based on the other 3 values. You can use the Goal Seek to perform a "what if" analysis. We could change the formula to calculate the "Amount to Borrow" but this will be time consuming. We could either do this using trial and error entering different borrow amounts until we are close although this approach is not very practical. There are three ways you could go about this: What if we wanted to know how much we could borrow assuming a given monthly repayment of £260.00. If we borrow £10,000 with an interest rate of 6.0% per annum and the loan has to be repaid over 4 years we can use a simple formula to calculate the monthly repayment.