A Student Loan Calculator is a great tool to help you decide how much money you can afford to borrow for your education. It lets you know what the payments will be when you begin to repay the loan. The most common type of student loan is a Sallie Mae loan from the federal government. Most credit unions have links online that will direct you to the Sallie Mae website. They also have loan calculators online that can help you plan the type of loan for which you will apply. Competitive fixed and variable rates and in-school payment options are things to consider when applying for a student loan.
You can borrow up to 100 percent of the full cost of attendance to a degree-granting college or university. The Student Loan Calculator helps you include all costs so you will know how much money you will need. It calculates the total costs of tuition, books, fees, and housing to give you an amount. The calculator also adds in the interest and the term of the loan for the most accurate payment schedule.
Your local credit union can help you figure out how much money you will need, notarize any paperwork you are required to provide, and help you set up automatic bill pay when the time comes. The calculator tool available online also helps figure out payments for other types of loans. Most credit unions, like Pearl Harbor Federal Credit Union, for example, offer loan services for automobiles, homes, businesses, debt consolidation, and personal loans.
In addition to loan services, credit unions also offer services for checking and savings accounts, safe deposit boxes, insurance coverage, and many more. The interest rates on loans are usually lower at a credit union than at your local bank. Interest rates are usually higher than a bank for depositing accounts. A credit union is a non-profit financial institution that is run by a volunteer Board. It is owned by its members and has no shareholders. It has more flexibility regarding requirements and criteria for loan approvals. You can join a credit union by opening an account with a low minimum balance.
