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What Are Student Loans?

Student loans help those going to 4 year universities, nursing school, graduate school, dental hygienists, medical assistants, and all those getting an education to pay for tuition, books, living expenses, and more. Payments are usually deferred while you're still in school, payment durations are usually longer than typical loans, and interest rates on the loans are generally lower. Each country has a different set of laws that govern how student loans are to be handled, and you should check the local laws for your particular circumstance.

Who Qualifies for Student Loans?

In the United States (US) most full-time and part-time students qualify for student loans. How much you will be able to borrow will depend on the cost of tuition, parents financial status, eligibility for federal loans and other factors.

There are three types of student loans, two sponsored by the government and private sector loans. Government sponsored loans allow students to defer payments until after they have finished school and begun working. Government loans will often be up to 2% lower than other market loans like car loans or house loans.

Will This Work as a Car Loan Amortization Calculator
or a Home Loan Amortization Calculator?

Yes, the above calculator will also work as a Home Loan Calculator or as a Car Loan Calculator. The formulas are the same, you just have to make sure that the interest rate and duration are correct. Home loans typically last 15 or 30 years while car loans last anywhere from 2 to 5 years.

How Are Monthly Payments Calculated

To cacluate monthly payments you have to have take into account the interest that accumulates every month on the principal of the loan. Each month the interest payment becomes less and less as you pay off your loan. We use a complicated formula to calculate these changes and there's no need to worry about how we do that because we're doing all of the work for you!