<p>Kind of like the college loan calculators that let you put in a different amount for each year with interest and origination fees. But what I am really looking for is one that can also tell me how many months it would take to repay with a payment that is well above the minimum.</p>
<p>I have been working on our CSS profile and with better understanding of what counts, I reran an EFC calculator and was horrified to see my original estimate was off by about $5000. I know borrowing is evil ;) but I just wanted to run the numbers. Thanks.</p>
<p>Quicken has the same loan type calculator they are relatively common thru out the web. I am still trying to find out on a Stafford Loan the real effective rate for 4 years, and I have yet to get a credible answer.
Problem is you borrow $5500 first year at 6.8%(interest will accrue in those 4 years )and to be payed back 6 mos after graduation, but each disbursement will cost 4% (as a finance charge) which off course is taken off the top. Note since you have 2 disbursement per year or two semesters, that off course greatly effects the real cost of money and your effective interest rate.</p>