Student Loan Repayment Calculator: How to Compute Your Debt and 3 Budget Apps to Help You Pay It

Student Loan Repayment Calculator: How to Compute Your Debt and X Budget Apps to Help You Pay It
Student loans could easily get overwhelming, especially since it's hard earning income in this time of crisis. Fortunately, online tools are available for you to quickly and easily manage your student loans. Federal Student Aid is offering a Loan Simulator you can use to compute, plan, and repay your student loans. Photo : Peter Macdiarmid/Getty Images

Student loans could easily get overwhelming, especially since it's hard earning income in this time of crisis. Fortunately, online tools are available for you to quickly and easily manage your student loans.

These tools can also help you create a repayment plan that best suits your needs and goals, including a loan cancellation option!

Student loans are still open to eligible individuals who want to apply. However, it often gets challenging to manage due to financial situations, family conditions, or goal-driven decisions that need a lot of money. Federal Student Aid, the official website of the U.S. government, is offering a Loan Simulator you can use to compute, plan and repay your student loans.

Student Loan Repayment Strategy

Using the Student Loan Repayment Strategy, you can create a repayment plan based on your needs and goals. It also offer syou different options like an income-driven repayment strategy, extra payment strategy, or even consolidating your loans to reduce the total amount.

Struggling With My Student Loan Payments

If you're struggling to pay the student loans because you have no money, the government offers a strategy to lower your monthly payments or to stop them altogether temporarily. Apply on this program to consider suspending payments or avoid loan default.

Borrowing More Student Loans

The same online tool can simulate options of Borrowing More Money to pay for education expenses and finish your studies. It will also inform you about federal student loan limits and selecting the right school where you can borrow more student loans.

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Budget Apps to Help in Student Loan  Repayment

Cnet also reported some of the best budget apps you can use in 2021. These apps are available for Android and iOS and could easily monitor your budget, lifestyle, and goals in a non-obtrusive method. Use these apps to save your money and help you plan out your student loan repayment.

Mint

Mint is a popular budget app used by many for nearly a decade now. This is a free application that syncs your spending pattern, auto-categorizes it, and creates fun comprehensive reports on all your transactions. You can sort these reports according to category, dates, or hashtag labels. Also, Mint is a beginner-friendly application for first-time budgeters.

You Need a Budget

You Need a Budget is a super-detailed and intricate budget planning app. After agreeing to the privacy terms, this app could connect your savings account, checking account, and even local credit unions or institutions. This app monitors all your money down to the last remaining dollar and categorize them according to your spending pattern.

Goodbudget

Goodbudget is the best app used for traditional household money management. It uses an interface similar to Checkbook systems and even categorizes your transactions manually, inside different envelopes. This is the best choice for budgeteers who want to take complete control of their budget management in a digital interface.

You could also try applying for a Loan Cancellation and Borrower's Defense by checking on this article.

Related Article: Student Loan Forgiveness 2021: How to Apply for Borrower Defense After Massive Loan Cancellation

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