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EXCEL STUDENT LOAN REPAYMENT CALCULATOR FOR FREE
If you would like to download this spreadsheet to test it out on your own student loans, you can do so for free here by clicking on this link. That is why we ended up choosing the private refinancing option and hope to be debt free by the end of 2017. Rather than waiting around until 2023 and letting the rules of a federal student loan program dictate how long we work, we want to be in the driver’s seat. We could achieve any of those possibilities more easily without having to think about debt. She would love to pursue her interest in writing, while I would love to expand my horizons, whether it is learning a new language or about a different culture. My girlfriend and I would love to retire early together and travel the world for a while, stopping off a few months in each place. That rate could go up if interest rates continue to rise, but we will likely have an average interest cost well below 3% if we can meet our goal of total payoff in 15 months.Īnother consideration when choosing repayment options is life goals. They offered her a five-year variable rate loan at 2.2%. We applied with Sofi, a private student loan refinancing company. If we pay her loan balance down over the next 15 months, the cost will likely be even lower than $128,000. By comparison, 10-year treasury bonds right now only yield a little over 1.5%. We would earn a guaranteed 2.3% rate of return by paying down the debt faster with private refinancing. Private refinancing would cost us almost $22,000 less over seven years. That would add another six payments of $1,700 x 6 to the PSLF option, for a total of $149,788. In our case, my girlfriend had six months of forbearance while she struggled to make loan payments and afford the cost of living while doing her residency in New York City. However, if we pay back the total loan balance within 15 months, then the total cost would be about $128,000.įurthermore, the PSLF program is not as cheap as it appears in the spreadsheet, as it doesn’t take periods of forbearance into account.
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I used a five-year loan with an average interest rate of 3% in the analysis. Private refinancing is cheaper than it appears. If the second tab is the executive summary, the third tab is the engineer's meaty technical report. If I scroll all the way over to the right of it, I can watch how fast the loan balances decline with the various repayment options. In looking at the columns entitled "Salary excluding 150% of Fed Pov Line," I can observe the growth of our discretionary income as defined by each plan. However, it allows me to see how much my girlfriend's monthly payments will be under different plans. I do not need to enter anything or change anything in this tab. The third and final 'Simulation' tab is the back end that makes the spreadsheet work. All of the other options would cost at least $10,000 more. The two best options to us were PSFL and private refinancing. We checked with her loan servicer to make sure she was not eligible. I decided to include it in the spreadsheet just in case. Unfortunately, my girlfriend does not qualify for the PAYE plan because she had loans before October 2007. After 120 qualifying payments, we could apply for tax-free forgiveness for the balance of the loan. Public Service Loan Forgiveness (PSLF) requires us to sign up with one of the four major options. Finally, if we chose the Standard plan, she would just pay the monthly payment that would have resulted in complete payback of her original loan balance within 10 years.If we chose the PAYE plan, her monthly payment would only be 10% of her income.Since all her loans predate 2014, she would be on the old IBR plan that charges 15% of income. The IBR program is either 10% or 15% of discretionary income depending on the year of her loan issuance.REPAYE would have no cap on her monthly payments, which would be 10% of her discretionary income.
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There are four main repayment programs within the federal student loan program:
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I highlighted the most expensive repayment option in red, and I highlighted the cheapest option in green.