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. 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.
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.
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 365.25, which is the quantity 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.
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