Newsroom

Mapping Your Future's standard repayment calculator updated

August 14, 2013

Mapping Your Future’s calculators enable students, parents, and others to manage their money and student loans. One of the most popular calculators, the student loan repayment calculator, was recently updated to increase the maximum interest rate to 12 percent.

While the current federal student loan interest rate is not at 12 percent, this adjustment in the calculator allows for different interest rates in the future based on the caps set by Congress.

The loan calculator as well as other calculators on Mapping Your Future can be an important tool in a school’s default prevention plan or in-person loan counseling.

Mapping Your Future’s calculators include:

• Budget calculator
  Individuals can develop a saving and spending plan
• Bank balancing tool
  Individuals can reconcile their checking account records with their bank’s records
• Savings calculator
  Individuals can see how valuable saving can be
• Student loan debt/salary wizard
  Borrowers can use this tool to understand how much they can afford to borrow in student loan funds (and calculate student loan payments)
• Student loan repayment calculator
  Borrowers can estimate their student loan payments
• Loan consolidation calculator
  Borrowers can estimate their consolidation loan interest rate and payment amount
• Income-based repayment calculator
  Borrowers are able to estimate their monthly payment amount under the Income-based repayment plan [for Direct Loan and Federal Stafford (subsidized and unsubsidized), Direct PLUS and Grad PLUS, and Direct Consolidation Loans which do not include any Parent PLUS or Direct PLUS loans]

Schools are encouraged to link to the calculators from the school’s website. Schools who are Participating Members or located in a Sponsored state can take the calculators to another level by integrating the calculators into their website, if desired.

Contact the Mapping Your Future staff at feedback@mappingyourfuture.org or (573) 796-3730 with any questions or to request documentation on integrating the calculators.