💸 Student Loan Calculator
💸 Student Loan Calculator
We think it should be MANDATORY that all loans show how much total interest you are paying and for how long (aka your amortization schedule). These interest rates be crazy, but they’re usually hidden and, let’s be honest, those online loan dashboards are confusing AF.
Questions this spreadsheet will answer:
How long will it take to pay back my student loans?
How much interest am I paying in TOTAL?
What are my options to pay this down?
🙏🏼Please share this with as many people as possible!
One in seven people in the US have student loan debt and not everyone knows the answers to all of the questions above. The more we talk about our student loans, the faster we can pay it off and start using interest for our savings.
Everyone always wants that passive money, welp! If you have debt, you gotta pay that off first.
In 2018, 44.7 million people in the US graduated with $29,800 in student loan debt and pay the minimum balance*.
First of all, I think it’s predatory that your loan statement and online dashboard doesn’t show how much TOTAL INTEREST you’re paying. They love to tell you the loan balance though!
What’s total interest and why does it matter? If you have a $29,800 loan and pay $222 a month with 6.45% interest. That’s an additional $23,000 in interest and you won’t be done for another 20 years! If you increased your monthly payment by $50, you could save $7700.
I hate seeing friends feel a weight of shame about their loans. That’s the cruelest part about this situation. Personally, I think it’s the lenders responsibility to make sure you understand what you’re getting into. Just like an FDA approved drug has to tell you the side effects. Or nutrition labels have to tell you the amount of sugar. You should know everything you’re getting into.
Please please please give it a try! Or help out a friend and do it with them. Even if it is credit card debt. It’s the same formula.
I had $10K of credit card debt when I got out of college and a 22% interest rate! If I paid $200/mo (most credit cards only ask for $25 or 1% of your balance), I would have paid an extra $14K in interest. Fortunately, my husband helped me pay it off all at once and I paid him back two years later.
I want you to know where you stand with your student loans. More importantly, show you options. Play with the years and interest rate so you can see what affects the total.
You don’t have to be alone in this process! We’re here for you. Email us at firstname.lastname@example.org if you have any questions.
Founder of ilovecreatives