Test this student loan calculator...?

[DMFA]

I'm trying to make an adjustable student loan calculator based on a few inputs which will demonstrate monthly payments and total payments over the life of the loan comparing RePAYE, PAYE, and private refi.  It seems to work pretty well (give or take a few dollars and cents and assuming things happen in 12-month blocks).

Inputs:

• Initial principal and rate


• Family size, lower 48 or HI (sorry AK)


• In-training AGI, training term, out-of-training AGI, annual % increase


• PSLF or not, # of PSLF payments made


• Refi variables rate, term) and when refi would be done (default = 1st year out of training)

I'll add some line/bar graphs to demonstrate clearer comparisons between the two.

If anyone has time, I'd like to make sure this actually gives accurate data, and would warn anyone against using it until I'm certain it works...

[DocEden]

Thanks for sharing - this looks great.  You may wish to test some of the calculations with the DocEden PSLF Planner.

Creating a calculator which incorporates all of the different student loan options is no easy task!

[DMFA]

They look very similar.  Not sure where that couple hundred dollars' difference comes from, but in the grand scheme of it all it's probably not significant.  I'll keep troubleshooting it, but seems fine.

[DMFA]

On that draft, I couldn't figure out a great way to make the PAYE interest capitalize to add 10% of principal once there's no longer a PFH...it took a pretty big re-write, but it's still a little different.

[ActiveDuty]

I like it.  Looks similiar to DocEdens but with more detail.  Any chance you can add IBR to your repayment plan options?  would love to compare IBR vs REPAYE.

[DMFA]

ActiveDuty wrote:

I like it.  Looks similiar to DocEdens but with more detail.  Any chance you can add IBR to your repayment plan options?  would love to compare IBR vs REPAYE.

Click to expand...

IBR is basically just 1.5x RePAYE, still capped at 10-yr std, with a few minor details related to it.  For new borrows, IBR is *almost* never the best option, so I had just left it off.

[jfoxcpacfp]

Are you going to make this available to the public or is this a for-profit venture? I would like to link to it when you've completed it, if allowable.