College Loan Consolidation Calculators
Estimate Your Bottom Line
Online financial management predisposes the need for calculators, not your usual digital calculator, but a customized online utility. Online calculators have been designed to take all types of financial information and convert it to viable, estimable figures relative to auto loans, mortgage payments, boat loans, and student loan consolidation interest rates. Calculators give a potential borrower the benefit of real world figures relative to the loan for which they are applying.
Applying for a federal student loan consolidation? Chances are you want to know how long you’ll have to make payments and much your payments will be per month, given the debt you must consolidate Private loan? Again, same thing.
Tools of the Trade
Loan calculators are a must-have for lenders. Borrowers without quick access to the tools they need for major financial decisions will quickly go to a competitor.
Loan calculators range from basic to complex, depending on the input and output, or the data you are asked to enter in order to get the desired return data. Student loan consolidation is based on a complex set of data that might change daily, weekly, or quarterly. Calculators are typically full-page forms that prompt users for data and put out a final figure once all fields are input. You will need specific pieces of information relative to the types of student loans you currently hold, both federal and private.
Direct Consolidation Loan Calculator
The Direct Consolidation Loan is a product offered directly through the U.S. Department of Education. Borrowers with Direct Federal Loans may qualify for this consolidation. The interest rate for federal consolidation loans is fixed. This, since July 1, 2006, is based on the weighted average of your federal loans on the day you apply for the consolidation, then rounded up to the next 1/8 th percent. The interest rate may not exceed 8.25. So, borrowers will use the Direct Consolidation Loan Online Calculator when they want to know what their final consolidation loan may look like.
At the very least you must know the types of federal loans you hold, the current balance on each, and interest rate. If you are applying for an Income Contingent Repayment program, then you will be required to input Adjusted Gross Income, number of family members and state of residence.
FFELP Calculators
Federal Family Education Loan Program lenders that offer the Federal Consolidation Loan may feature an online calculator that functions similarly to the Direct Consolidation Loan’s, above. Regardless of lender, federal loan interest rates are the same.
In some cases lenders provide a sample interest rate grid as an alternative to a formulaic calculator.
Private Loan Consolidation is Subjective
Borrowers interested in a private consolidation loan may apply online, but in most cases if you want to know interest rate and payment term you must talk to an account manager. Interest rates are variable and adjusted in various ways, you should check with your lender for more information. Basic loan calculators are usually always available on commercial lender sites.
