Student Loan Comparison Calculator
Compare different student loan options, calculate monthly payments, total interest, and find the best repayment strategy for your situation.
Step 1: Loan Details
Loan Option 1 (Federal)
Loan Option 2 (Private)
Federal vs Private Loans
Federal loans offer income-driven repayment and forgiveness options. Private loans may have lower rates but fewer protections.
Step 2: Repayment Strategy
Money Saving Tips
• Pay extra when possible to reduce interest • Consider refinancing if rates drop • Explore forgiveness programs • Use auto-debit for discounts
Student Loan Comparison Results
Comparison Summary
Amortization Schedule
Repayment Strategies
Recommended Option
Federal Loan
Save $3,420 in total interest
Monthly Payment (Option 1)
$316.98
Monthly Payment (Option 2)
$253.94
Total Interest (Option 1)
$8,038
Total Interest (Option 2)
$15,709
Loan Amortization Schedule (Option 1)
| Year | Principal Paid | Interest Paid | Remaining Balance | Cumulative Interest |
|---|
Repayment Strategy Comparison
Loan Calculation Formula
Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n – 1]
Where P = loan amount, r = monthly interest rate, n = total number of payments. Total interest = (Monthly payment × n) – P.
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