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A big part of financial planning and budgeting is knowing the amount
of your loan payments. You should also know the amount of the payment
that is interest and that is principle and how much interest you’ll pay
over the long term. Direct Loans offer several different repayment plan
options, depending on the amount of your debt; before signing up for a
repayment plan, you should use a repayment calculator to get all the
information that will inform your decision. It is also useful to keep
track of what your repayment amount will be as you add loans each year.
Being realistic about the amount of debt and repayment you’re incurring
can help you plan and stick to a budget!
Here’s a link to the Direct Loan Repayment Calculator: http://www.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlentry1.html
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