Wednesday May 16th, 2012

Student Loan Consolidation and Debt Payoff Calculator

The Student Loan Consolidation and Debt Payoff Calculator applies two simple principles to paying off high-interest debt.

Consolidate your existing student loans
Use your extra cash every month to pay off your higher interest debt sooner

We apply the amount of payment savings you choose to your non-student loan debt with the highest rate. When that balance is paid in full, the balance with the next highest rate will be paid down. This continues until you have rolled through all of your balances and your non-student loan debt is paid in full. Click the "View Report" button for a detailed look at the results.

This strategy could help you pay MSG_INTEREST_SAVINGS in interest.

By applying an extra ADDITIONAL_AMOUNT from your consolidated student loan savings to payoff your non-student loan debt, you would be able to increase your monthly payment on this debt to NEW_MONTHLY_PAYMENT. This could help you pay MSG_INTEREST_SAVINGS in interest. In addition, the time it will take you to payoff your non-student loan debt is reduced to NEW_PAYOFF. This analysis assumes that each month you apply your extra payment amount to MSG_METHOD.

Student Loan Consolidation Results
Total current student loan payments	STUDENT_LOAN_CURR_PAYMENT per monthly
Total outstanding student loan debt	STUDENT_LOAN_AMOUNT
Interest rate for new consolidated loan	STUDENT_LOAN_RATE
Term of new loan	STUDENT_LOAN_TERM years
New student loan payment	STUDENT_LOAN_NEW_PAYMENT per month
Savings	STUDENT_LOAN_SAVINGS per month

Non-Student Loan Debt

You owe a total of OUTSTANDING_BALANCE in non-student loan debt. Your current minimum monthly payment is MONTHLY_PAYMENT. If you continue to make the minimum payments on this debt, the total interest paid will be INTEREST_CURRENT. Using minimum payments it could take you CURRENT_PAYOFF to payoff this debt.

Non-Student Loan Debt Summary
&NBSP;	Amount Owed	Interest Rate	Monthly Payment
Credit cards	CC_OUTSTANDING_BALANCE	CC_AVERAGE_RATE	CC_MONTHLY_PAYMENT
Auto loans	AUTO_OUTSTANDING_BALANCE	AUTO_AVERAGE_RATE	AUTO_MONTHLY_PAYMENT
Other loans	OTHER_OUTSTANDING_BALANCE	OTHER_AVERAGE_RATE	OTHER_MONTHLY_PAYMENT
Totals	OUTSTANDING_BALANCE	AVERAGE_RATE	MONTHLY_PAYMENT

CREDIT_CARD_DETAILS

Non-Student Loan Debt Payoff Details
&NBSP;	Amount Owed	Interest Rate	Current Monthly Payment	Initial Roll-Down Monthly Payment*	Debt Paid In
Total	OUTSTANDING_BALANCE	AVERAGE_RATE	MONTHLY_PAYMENT	NEW_MONTHLY_PAYMENT	NEW_PAYOFF

*Please note that this amount may increase as additional debt balances are paid off.

Non-Student Loan Payment Schedule

**REPEATING GROUP**

This Financial Calculator requires SUN's JavaT Plug-in. If you see this message you will need to download SUN's JavaT Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

Get the JavaT Plug-in!

Definitions

Total monthly student loan payments
Total payments for all of your outstanding student loans. If the current payment total is less than the payment for your new consolidated loan, there will be no payment savings.

Total outstanding student loan debt
The total amount you owe on all of your student loan debt.

Interest rate for new consolidated loan
The annual interest rate for your new consolidated student loan

Term of new loan
The term in years for your new consolidated student loan is calculated as: 30 Years for debt of $60,000 or more, 25 years for balances of $40,000 or more, 20 years for balances of $20,000 or more, 15 years for balances of $10,000 or more. Any balance under $10,000 has a term of 12 years.

New monthly student loan payment
This is your new calculated monthly payment for your consolidated student loans.

Monthly savings
This is the difference between your current student loan payments and your new consolidated loan payment. If the current payment total is less than the payment for your new consolidated loan, there will be no payment savings.

Additional payment
This dollar amount is in addition to your monthly minimum payments that you will use to pay down your non-student loan debt, such as credit card debt, auto loans and other loans. The higher this amount, the faster your debt will be paid off. We default this amount to be equal to your monthly payment savings from consolidation of your student loan debt. It is important that your additional payment is one that you can afford. For this reason, we allow you to adjust this amount higher or lower than your actual payment savings from consolidation. For this debt payoff strategy to be effective you must be consistent in your payments. Should you choose an amount that is too high, you may become discouraged if you are unable to meet your payment goal.

Credit cards
Enter up to four credit card accounts, one on each line.

Balance
Your current balance on your credit card.

Interest rates
The average annual percentage rate you pay. This interest rate is calculated for each of the categories of debt you have including credit cards, Auto Loans and other installment loans. For credit cards the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.

Auto loans
Click on the "details" button to input any auto loans you may have into the details page. This details page is designed to let you input your current balance, current monthly payment, and the interest rate for each loan. It then calculates your number of remaining payments. You can enter up to three installment loans.

Other loans
Click on the "details" button to input any additional installment loans you may have into the details page. This details page is designed to let you input your current balance, current monthly payment, and the interest rate for each loan. It then calculates your number of remaining payments. You can enter up to six installment loans.

Payment
This is your monthly payment. For credit cards, if you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.

(We calculate your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)

Payoff highest rate first
Leave this box checked to have the calculator payoff your balance with the highest rate first. You can uncheck this box to see the results of an alternate payment method. The alternate method pays off your balances starting with the lowest balance.

* Consolidation extends your repayment term and may increase the total amount you will pay over the life of the loan.