Note:

Please note that Banner/TitanWeb and course registration will be unavailable from Noon, Mon., June 30 through Noon, Tue., July 1 due to end of academic and fiscal year maintenance. Canvas will remain available through myEFSC. This alert and the calendar event will be updated if the scheduled downtime changes due to unforeseen issues.

Loan Repayment Calculator

Estimating your future student loan payments

Deciding whether to borrow through a student loan to finance your college education is a decision you should consider wisely. Based on data from the U.S. Bureau of Labor Statistics, investing in your future can pay off as government data shows higher education leads to higher incomes and lower rates of unemployment.

When committing to a student loan it's important to plan how you will pay the loans back as repayment will be expected to start six months after you leave college.

You can use this calculator to estimate different scenarios related to what your monthly loan payment would be after graduation. Be aware that actual payments may vary based on the type of loan and interest rate. You can check current rates on the Federal Student Aid website.

Borrow only what you need

People are sometimes tempted to max out a student loan because they think it provides a sense of security. However, keeping that debt at a reasonable level based on carefully evaluating your needs and controlling expenses can help lower your stress later when it;s time to repay. Think about lifestyle changes you can make, and on-campus amenities like fitness activites and social events that can lower your out of pocket costs. 

A part-time job can reduce what you'll owe

You can get experience, enhance your resume, and make a significant impact on paying for college through earnings from work on or off-campus. Holding a campus job can connect you with a support network and mentors so check out the positions available through EFSC's federal work-study program, a part of many financial aid packages based on your need.

Employers in the area often have part-time jobs available and can be willing to work around your class schedule.

Stay aware of interest rates

The interest rate for Federal Student Loans is set each year in May and applies to loans made from July of the current year to June of the next year. The loan rate is then fixed until the loan is paid in full. You could have a new loan rate for each year you take out a Federal Student Loan.

Private student loan rates are set by the issuer and vary from lender to lender; they tend to follow the same trends of increasing and decreasing as federal loans.

As you make your journey to graduation, continue to use the calculator above, adjusting the amount and interest rate to match your loans. That's just one tool in your financial literacy toolbox that can help you limit your college debt when you move on to a career.