Student Loan Calculator

Student Loan Calculator Tool Overview

The Student Loan Calculator Tool consists of three sections:

1. Form
2. Results
3. Add To Budget

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Form

The calculator is designed to handle two types of calculations: Simple and Repayment.

• Simple Calculation:
  • Required Fields: Loan amount and loan term in years.
  • Optional Field: Interest rate (if left blank, it will be treated as 0%).
• Repayment Calculation:
  • Required Fields: Loan amount, current payment, and additional payment.
  • Optional Field: Interest rate (if left blank, it will be treated as 0%).

Calculate:

• Once the form is completed, click “Calculate” to process the data.
• Error Handling: Any errors in the form will be displayed and block the calculation.

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Results

The results provided will vary based on the type of calculation performed.

• Simple Calculation:
  • Estimated Monthly Payment: The monthly payment amount.
  • Total Payment Amount: The total amount paid over the loan term.
  • Total Interest Payment Amount: The total amount of interest paid over the loan term.
• Repayment Calculation:
  • New Duration: The new duration to pay off the loan in years and months.
  • Total Payment Amount: The total amount paid over the loan term.
  • Total Interest Payment Amount: The total amount of interest paid over the loan term.

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Add To Budget

• Add To Budget Button: After generating a calculation, an “Add To Budget” button will appear next to the “Calculate” button.
• Functionality: Tapping this button adds a new entry to the Debt Information section in BudgetBuilder.
  • For Simple Calculation:
    • Name: “Student”
    • Balance: The loan amount
    • Interest Rate: The provided interest rate
    • Payment: The estimated monthly payment
  • For Repayment Calculation:
    • Name: “Student”
    • Balance: The loan amount
    • Interest Rate: The provided interest rate
    • Payment: The sum of Current Payment and Additional Payment

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