![]() ![]() Around the 92 percent of student loans are federal loans. ![]() The aggregate student loan is over 1.59 trillion dollars, which is more than both the total auto loan and credit card debts.There are around 44.7 million student loan borrowers, from which 5.2 million are federal student loan borrowers in default (as of 2019 Q1).In this section, we collected some facts that give you insight into the current state of the U.S's student loan market: In case you are considering taking a student loan, or would like to use a more sophisticated tool on saving for college cost, check out our student loan calculator and 529 plan calculator.Īs you probably already know, student loan debt is a form of debt that is owed by a current or former student to a lending institution, or a financial institution. If you read further, you can learn how to calculate student loan interest, as well as find some information on the average student loan debt and average student loan interest rate. The additional dynamic graphs and payment schedules provide other details, and further facilitate your assessment of each style of repayment. In this way, you can easily compare different payment scenarios. What's more, you have an option to set extra payments from a given date, or a one-time extra payment on a particular day, and check their effect on the figures. Desired payoff date: by choosing a particular day you wish to finish paying off your student loan, you will obtain the monthly payment required to meet such a date.īesides these main outputs, you will also receive complimentary results - the total payment amount and the interest charged. ![]()
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