The student loan calculator is one of the handiest and efficient tools to be used by the students before they start with their loan repayment schedule. For the Federal student loans for instance, there are different grace periods for the repayment of the loans. There may also be several repayment plans for resolving the student debts and the payments are distributed to the creditors according to the plan which is chosen by the borrower. However, the monthly amount which is figured out with the help of student loan calculator is only an estimation that is carried out by interpreting certain data in the so called calculator and the amount of interest will depend on the type of the loan. It is recommended that the student loan amount should be ideally around 8% of the total income. Let us now study the types of plans which can be used by the students to repay their debts before they get into debt troubles and forced to consult private student loan consolidation.

Under the standard repayment plan, the students are supposed to make full payments each month until the loan is paid in full within a period of ten years. Although, this plan constitutes a good amount of money as down payment, the students can become debt free more easily. The extended repayment plan on the other hand allows the students to increase the tenure of payment and although, it helps to lower the monthly payments, the students will have bear higher rates of interest. Similarly, in graduated repayment plan, the students can start with a low initial payment and increase the same after every two years. Lastly, under the income based repayment schedule the government decides on a schedule which is more affordable for the government employees, the loan debt can even be canceled. On the basis of the plan that is chosen by the student, they can get an approximate idea about the monthly payments that they are supposed to make in order to pay the student debts. The student loan calculator is going to take all the variables which comprises of the principal loan amount and the rates of interest and compute the amount of money to be paid on a regular basis. Other than providing the students with the idea of the debt relief programs to sort out the debts, student loan calculator also helps the students to know, how much they are supposed to pay towards their interest amounts. Moreover, the student loan calculator will also allow them to decipher their minimum salary target which will make them feel comfortable with the cash inflow and also allow them to repay their debts. The loan calculators are available online and the students should make the best use of it to reduce debt and to choose the correct repayment plan to make their debt payments.