<p>Hi,
Does anyone know of or where I can find the monthly repayment formula for a student loan? What is the formula the student loan companies use to calculate the amount I'll be paying over 120 payments?</p>
<p>Thanks if anybody can help.</p>
<p>[FinAid</a> | Calculators | Loan Calculator](<a href=“Your Guide for College Financial Aid - Finaid”>Loan Payment Calculator - Finaid)</p>
<p>Depends on how much you borrow & rate of interest- don’t forget loan fees.</p>
<p>thanks emeraldkity4, but I was looking for the formula specifically, not a calculator. I want to know <em>how</em> they calculate my monthly payments. thanks again.</p>
<p>You’re basically asking for a loan amortization formula…just google it! Doesn’t matter that you’re applying it to student loans.</p>
<p>sk8rmom, ok thanks. I believe that is exactly what I was looking for.</p>
<p>OK, so I found a loan amortization formula and I used it on my student loans but all of them are basic monthly based amortization formulas. I know interest on a student loan is accumulated based on a simple daily interest formula. I imagine it’s more complicated since the number of days in a month (or between payments) varies month to month. So where can I find a amortization formula based on simple daily interest.</p>
<p>[Your</a> Federal Student Loans: Learn the Basics and Manage Your Debt](<a href=“http://studentaid.ed.gov/students/publications/repaying_loans/2009-2010/repay2.htm]Your”>http://studentaid.ed.gov/students/publications/repaying_loans/2009-2010/repay2.htm)</p>