Find the rate of interest on your
education loan. It should be programmed on your loan reports and in your online
account with the loan supplier. If you are uncertain who your lender is, talk
to the financial aid office of your college.
Paying interest on an education
loan earlier than the start of the repayment period is the easiest way to
lessen the financial burden of an education loan after the college graduation.
If you are eligible for a subsidized national education loan, the government
would pay the interest on your education loan while you are pursuing your
studies. There is no necessity for you to do all these complex calculations
manually. The education loan calculator will
do all the necessary calculations.
Change the rate of interest to a
decimal by shifting the decimal point two spaces to the left. For instance, if
your annual interest rate is 6.2 %, shift the decimal point to the left two
spaces to obtain 0.062 as your rate of interest where you are doing your
studies.
Divide the interest rate of your
school education loan by 365 that happen to be the number of days in a year.
This offers you the interest charged on your education loan account each day.
Find the balance amount on the principal of your education loan. The principal
is the sum that you have received as a loan, as well as any interest that was
capitalized if you have previously started your repayment period. Multiply the
each day rate of interest by the number of days from the time when your
previous interest payment, or if you have not made the repayment, the number of
days from the time when the loan was disbursed. Multiply the accumulated
interest rate by the principal amount to compute the interest payment.
Summary: If your education loan is not subsidized and you have a
loan from other sources such as banks or private lending institutions, you have
to pay the due interest. This can be easily calculated by using an education loan calculator.
