FinAid - Financial Aid Advice The SmartStudent Guide to Financial Aid
Site MapAbout FinAid
 
Loans
Scholarships
Saving for College
Military Aid
Other Types of Aid
Financial Aid Applications
Answering Your Questions
Calculators
Beyond Financial Aid




Advertisement


 
Loan Discounts Calculator

Advertisement

This calculator has been superseded by the new Loan Discount Analzyer calculator, which can analyze a much greater collection of loan discounts.

Several lenders offer special discounts for allowing them to automatically debit your bank account for the payments or for on-time payment. For example, some lenders offer the following discounts on loans:

  • Direct Repay: If you authorize an automatic monthly deduction of the loan payments from your checking or savings account, you get a 1/4 of a percentage point interest rate reduction.

  • Great Returns: If you make the first 24 scheduled monthly payments on time, you get a credit on your Stafford Loan equivalent to the 3% origination fee less $250. (This only results in savings if you've borrowed more than $8,334 in Stafford loans.)

  • Great Rewards: If you make the first 48 scheduled monthly payments on time, you get a full two percentage point interest rate reduction for the remaining term of your loans.

This Loan Discounts Calculator computes an estimate of the savings you'll get from participating in these discount programs. See also the Loan Analyzer for a way of comparing similar discounts programs.


Loan Balance:
Interest Rate:
Loan Term (Years):
Minimum Payment:
Direct Repay? Yes No
Rate Reduction:
Great Returns? Yes No
Months on Time:
Origination Fee:
Minimum Fee Amount:
Great Rewards? Yes No
Months on Time:
Rate Reduction:
 

 
Home | Loans | Scholarships | Savings | Military Aid | Other Types of Aid | Financial Aid Applications
Answering Your Questions | Calculators | Beyond Financial Aid | Site Map | About FinAid®
Copyright © 2014 FinAid Page, LLC. All rights reserved.
Mark Kantrowitz, Founder
www.FinAid.org