We may earn money or products from the companies mentioned in this post. Thank you for supporting the work we do.
Student Loan Spreadsheet
Student loans are a big issue for many people in this country. Not only do recent graduates need to come up with a plan for paying off these loans, but many people in their 40s, 50s and even higher are still working to pay off the debt they used to help them get their degree. While a degree can open up a lot of doors, paying off all those loans may seem like it will take forever.
A student loan spreadsheet may be the best option for you when it comes time to pay off those student loans. Many times we get confused by how much we owe and how long it will take to be debt-free. When we utilize a good student loan payoff spreadsheet, we can line up all the loans and see the big picture.
Our student loan repayment spreadsheet template is one of the best options that you can use. It not only helps you to see how much you should owe on a certain amount of money you take out but also gives you a good idea of how much time you can save on your loan payments with the help of extra payments each month.
The education loan calculator in Excel will do all the work for you, making this a great place to get on top of all your debt.
This article contains 2 free downloads:
- A student loan debt calculator compatible with Google Sheets & Excel
- A student loan debt tracker printable
What is a Student Loan Repayment Spreadsheet?
Our student loan Excel sheet is one of the best ways to get all of your student loans in order and ready to go. It is a good way to see how much you owe all in one place and to come up with a plan that will help you get out of debt. Our template is designed to give you all the control, making it easy to add in the numbers that relate to your student loan, including the interest and the current amount you owe.
There are several ways that you can use our calculator and spreadsheet to get the help you need.
First, just put in the payment terms, the interest, and the original loan amount to get a better idea of the minimum amount that you will owe on the loan.
If you plan to put extra money towards paying off your student loan, you can then place that extra amount in the next area to see how much faster the loan will get paid off.
Maybe you have a plan to get your student loans under control a little bit faster. With this, you can simply put in the current amount of the student loan and its current interest rate.
Then go through and change up the years. Maybe you are on a 15-year plan right now but would like to see what it takes to get it done in ten. Change the loan terms and see what your minimum monthly payment would be to get that paid off.
Many college students left school with really high-interest rates on their loans. For those who are looking at refinancing, you may want to see what a difference the interest rate can be.
By keeping the rest of the terms the same but changing the interest to the amount you are hoping to get will give you a better idea of how much your payment will go down.
Free Student Loan Calculator
Get your free student loan calculator spreadsheet download below.
Free Student Loan Calculator Download
Send download link to:
Why Do I Need to Use a Student Loan Excel Spreadsheet?
Our student loan spreadsheet template is one of the best tools that you can utilize for your financial goals. Your student loans are not going to pay for themselves and it is usually not sound financial advice to let those loans sit there until the government pays them off.
Thanks to the interest on the student loans, leaving them alone with no payments can quickly make the situation worse and could cost you a lot of money in the long term.
This is where our student loan Excel spreadsheet can come into use.
It helps you to put all of your information in one place and to come up with a plan of success.
Some of the benefits of using this worksheet include:
- Helps you make a plan: Nothing is better for paying down those student loans than having a good plan. With our Excel calculator, you can come up with a plan on how you will attack those student loans and take that big balance and make it smaller before suddenly making it disappear. Waiting forever will not make those loans go away, but a sound plan can really help you out.
- Keeps you organized: Organization is key and our student loan calculator worksheet will help make that happen. You will know how much you owe, how much interest is on it, and the amount of time it will take to pay it all off.
- Opens you up for other financial goals: When you have a plan for your student loans and work to pay them off, you have more room to work on other financial goals. When the loans are gone, extra money is freed up to do other things and makes it easier to start a business, buy a house, and more.
- Keeps the interest manageable: When you come up with a plan for your student loans, you can get them paid down while making sure the interest doesn’t get out of control. Interest adds up, but it causes less damage when you get to the loans right away.
- Lets you see what little changes can do: It is easy to get distracted when it comes to paying off your loans. With a large balance, you may feel like nothing is happening and it isn’t going down. With our calculator, you will get a chance to really see what small changes can do. Even $50 or 1% point taken off the loan will make a difference.
- Helps get those loans paid off: The number one benefit that you will enjoy when you choose to work with our loan repayment worksheet is that it is the ultimate tool to help you pay off your student loans. When you combine it with our student loan debt payoff worksheet, you will make those goals faster than ever before.
When you need a plan to get those loans paid before they balloon into something really big and take over your life, or you just want to get them gone after school, then our student loan Excel spreadsheet is one of the best options that you can use to make this happen.
Related content: Free credit card debt payoff printable
Does the Student Loan Excel Calculator Work?
Our student loan debt worksheet works because it will take into consideration your personal debts and how they work. Each student loan borrower has a different situation. Some have more debt than others and some will have their own interest rate as well. Whether you refinanced can play into the game as well.
The best way to handle some of the debt you take on is to really look at the numbers and come up with a plan. But it is hard to come up with that plan if all the advice you are given is pretty generic and not tailored to your specific circumstances.
When the advice is not personal, you are just guessing along the way, and that won’t help you reach your goals.
That is why we recommend our student loan repayment worksheet. All the calculations are done for you; all you need to do is input some of the numbers that relate to your loan.
You can mess around to look at the differences in some of the interest rates if you want to consider refinancing and even get a closer look at what would happen to your loan if you could make extra payments, even if they were small payments.
Related content: Debt snowball spreadsheet download
How to Calculate Student Loan Interest in Excel
Our student loan interest worksheet will do a lot of the work for you, making the calculation of interest a little bit easier. You will be able to plug in all the numbers and get some results, helping you make the plans that you need along the way.
Many student loan borrowers understand that the interest may be a certain percentage a year, but often you will need to divide this by how many months and days in the year to figure out how quickly things are accruing, even when you make a payment.
Even though your student loan calculator spreadsheet can make this a bit easier, it is a good idea to look behind the numbers and really see what is going on so you can see how much your student loans are costing you each day, week, and month.
We are going to assume that your student loan is worth $10,000 and your interest rate is at 7%. You can make some changes based on the amount that you owe and your current interest rates.
This is a simple calculation that will include some of the following parts:
Start by calculating out your daily interest rate. You may see this named as the interest rate factor. To do this, we are going to take the annual student loan interest rate and then divide it by the number of days in the year.
- With the numbers above, we would do .07/365 = 0.00019 or 0.019%.
While that number may look small at first, let’s take a look at how much this can add up to. The next step is to figure out how much you owe on interest on your loan each day. Take the amount that you owe on your loan at this time and then multiply it by your balance for the daily interest rate.
- With the numbers above, this ends up being $10,000 X 0.00019 = $1.90. This means you are paying almost $2 a day just in interest.
To find out your monthly interest payment, you need to take the daily interest that we got above and then multiply it by how many days since the last payment. It is usually either 30 or 31 unless there is some reason your payments are further apart.
- This would get us $1.90 X 30 = $57 that you are paying in interest alone each month until your amount goes down.
While this is pretty straightforward, there can be some problems here. If you are making an extra payment each month or trying to figure out how much you have to pay off each month to get the loan done within a certain time frame, you will see that the interest can make things a little bit more difficult.
Our student loan calculator spreadsheet will take on the work for you, giving you accurate numbers without all the problems.
Check out ChangEd, the student loan payoff app
Keeping Motivated to See Success
Keeping track of all the work you do while paying off your student loans is important. While our student loan payoff Excel spreadsheet is able to give you the best idea of how much you will owe each month and how much you may need to pay to get those loans done by a certain day, to help keep you motivated, check out our free student loan debt payoff printable.
After you use our student loan budget worksheet, you can use the printable to help keep track of when you hit those important milestones.
With so many student loans being such a high amount, it may seem like it will take forever to get all of the work done. Our student loan budget spreadsheet can help divide it all up into more manageable chunks. As you get things done, use the printable to cross off your goals and celebrate a bit each time.
Free Student Loan Debt Tracker Printable
Get your free student loan tracker printable below. It works with both Excel and Google Sheets.
Free Student Loan Tracker Download
Send download link to:
More from us: Bad money habits