FAFSA® (Free Application for Federal Student Aid) is an application based on the financial records of parents and becomes available October 1. Using the information provided, the family’s expected contribution is calculated and sent to schools. Aid is given out in a first-come-first-serve manner so completing the FAFSA on a timely basis is very important.
This student loan calculator from Credit.org shows your monthly student loan payments and how your loan will amortize (be paid off) over time. First, they calculate the monthly payment, taking into account the loan amount, interest rate, loan term and prepayment. The amortization is calculated by taking the amount you pay toward the principal each month and deducting it from your loan balance.
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