Education loan Calculator India

Student Loan Calculator

College is supposed to be fun, right? Hollywood sure thinks so: in movies like Old School, Legally Blonde and Accepted, it’s one-half wild parties, one-half intellectual and emotional discovery.

But that’s Hollywood—the schools themselves paint a different, but equally attractive picture.

Open any admissions office pamphlet and you’ll find students lounging cheerfully in grassy campus spaces; friendly, approachable professors chatting with small clusters of adoring undergrads; clean, peaceful dormitories; and constantly perfect weather.

While both of these portrayals contain some truth (there are parties; the weather is nice sometimes), there’s one aspect of college that is often left out, or at least pushed to the sidelines: the price tag.

While it’s no secret that getting a degree has grown more expensive in recent years, the numbers are nonetheless surprising.

The cost of tuition and fees at public four year institutions increased by 17% over the past five years alone, according to data from The College Board.

Stafford loans Stafford loans are the federal government’s

primary student loan option for undergraduates.

They offer a low origination fee (about 1% of the loan), the lowest interest rates possible (4.29% for the 2015-2016 academic year), and unlike auto loans or other forms of debt, the interest rate does not depend on the borrower’s credit score or income.

Every student who receives a Stafford loan pays the same rate.

PLUS loans For graduate and professional students, the federal

government offers a separate option, called PLUS Loans.

There is no borrowing limit for PLUS loans—they can be used to pay the full cost of attendance, minus any other financial aid received, however they have a higher interest rate and origination fee than Stafford Loans (as of 2015, the interest rate for PLUS loans is 6.84% and the origination fee is about 4.3%).

They also require a credit check, so students with bad credit may not be eligible. PLUS loans can also be used by parents of undergraduate students to help pay for a son or daughter’s education.

Perkins Loans Perkins Loans are another form of low-interest

(5% in 2015) federal loan, but unlike Stafford and PLUS loans, they are offered directly through your college or university.

They are available only to students with financial need, and only at schools that participate in the program—to find out if this is you, check with your school’s financial aid office.

Private loans Once all federal loan options have been exhausted,

students can turn to private loans for any remaining funding. Education loan Calculator India generally offer far less favorable terms than federal loans, and can be harder to obtain.

They can have variable interest rates, often higher than 10%. The interest rate, and your ability to receive private student loans, can depend on your credit record.

While some do provide for the deferment of payments while you are in school, many do not.

Source: (https://smartasset.com/student-loans/student-loan-calculator)

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