How do you pay off your student loans?
How do they work?
What’s the best way to pay them off?
These are all questions we’re going to be exploring in this guide, but we want to first offer a few guidelines for the reader to help clarify some of the terminology.
Websites like NerdWallet and Paying Down Student Loans are useful resources that can help you understand student loan repayment.
NerdWallet offers a simple calculator to help you estimate your student loan payment and calculate the interest rate you should be paying on your loan.
NerdWizard helps you pay down your student debt, as well.
Paying down student loans can be a daunting process.
But we want you to know that you’re not alone.
We know that many of us have struggled to get a handle on our student loan payments and how much we owe.
If you’re looking to pay down student debt faster, NerdWallet can help.
We’re also going to cover several other financial aid programs, such as Federal Direct Loan Repayment, the Pay as You Earn Loan Program, and Perkins Loans.
Pay as you earn loans help borrowers who qualify to get aid.
Perkins Loans allow borrowers to make payments on a federal student loan with a 3% down payment and 10% down.
The federal government does not provide these loans, but if you’re eligible, you can apply for them.
For more information on how to pay your student debts, check out NerdWallet’s Student Loan Calculator.
And for more information about the Student Loan Repaying Service, check here.
The Student Loan Rate Calculator allows you to determine the rate of interest you should pay on your student or family loan.
It’s a free tool that works for both undergraduate and graduate students.
You can enter the following information in the form field:Your payment information (e.g. amount, amount due, month, and payment date)Your monthly payment rateYour monthly loan balance, or the amount you need to make the payments on your loans(e.c.e. your loan balance will be a percentage of your income)The repayment amountYou can find out the current interest rate on your federal student loans here.
If your payment is due within 30 days of the due date, your loan will be paid in full.
If you’re unsure about whether or not you qualify for the Perkins Loans, the Student Aid Office of the U.S. Department of Education has an interactive calculator that you can use to figure out how much you’ll owe on your Perkins Loans and how quickly you’ll be able to pay it off.
For other information on student loans, check NerdWallet.com’s Guide to Student Loans.
The NerdWallet Guide to Paying Student Loans can also help you make decisions about your student aid payments.
NerdGuides offers the most comprehensive resource for student loan borrowers.
NerdGuide provides a comprehensive look at all of the student loan debt relief programs, the different repayment plans, and how to apply for and get help with the program.
We recommend checking NerdGuide before you go on to our guide to paying off student debt.
We know that it can be difficult to understand how your student credit works, but NerdWallet is a great resource to help.
If a payment is pending, NerdGuys FAQ can help clarify what happens if you don’t pay your debt.
NerdGeeks answers questions about how your credit works and how it affects your credit score.
And NerdGuiders FAQs are great resources for people who are having trouble paying their student loans.
For additional student loan assistance, check our NerdWallet Student Loan Assistance page.