This will help you get more control over your finances.
As you are working through getting your finances under control, all the people you speak to – financial counsellors, advisers, banks, creditors and agencies – will need to know details about your income and expenses so they can help.
When assessing how much time you have before your cash reserves run out, assume you’ll have no income for the first few weeks.
Using the free student loan payment calculator does not constitute an offer to receive a loan and will not solicit a loan offer.
Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.
But, if you are looking to have one convenient payment each month or to improve your monthly cash flow while still working toward being debt free, an RBC credit specialist can help. Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.
The calculation assumes a constant interest rate throughout the amortization period and the total interest cost is averaged over the life of the loan rounded to the nearest dollar.
Your actual interest rate may vary depending on details provided in your credit application.
It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).