- Joined
- Jul 24, 2022
- Messages
- 415
- Reaction score
- 846
Hey everyone! Out of my own curiosity, I created an Excel spreadsheet that helps you better understand your federal loans. Here's how the excel spreadsheet works:
1. Input your loan values in the yellow-highlighted portion on the first sheet titled "Financial Aid Package Offer". If you have received a financial aid offer from a school, it was likely in a similar format broken down by semester and loan type (Federal Direct Unsubsidized and GradPLUS).
2. Once you input your financial aid package numbers, the 2nd sheet titled "Loan Values" will automatically generate. This table is designed to calculate the accrued interest on your loans while you are in medical school (because yes, the loans begin accruing interest upon disbursement). The blue-highlighted portion is the final loan total on June 1st, 2029 when the current rising M1s will have graduated.
3. You can stop here if you'd like.
4. The third sheet titled "Payment Spreadsheet" looks at how your loan will change with payments over time (assuming you begin paying on June 1st, 2029). You will need to input your theoretical monthly payment amount in the yellow-highlighted portion (google/chatgpt for this amount if you want). This will show how your loan changes over a 10-year period based on your monthly payment.
The difference between the Total Capitalized and Total Non-Capitalized is as follows:
Capitalized means that your accrued interest is added to your principle each month, and a new interest value is calculated based off this new principle. Non-capitalized means your principle remains the same and interest is its own separate accruing entity (idk if I explained that great). Essentially, if you are on an income-based repayment plan like the current ones, you will be non-capitalized. However, I chose to also calculate with capitalization because I have no idea how these income-based repayment plans will change with the current administration.
5. This payment spreadsheet is kinda assuming you will be on an income-based repayment plan while in residency and will be paying less than the required monthly interest amount (which is typical on IBR). If for some reason you choose a monthly payment amount that is more than your monthly interest balance, the difference between capitalized and non-capitilized is null (and it will reflect that in the excel sheet).
6. Play around and have fun with it, compare loans, etc.
DISCLAIMERS:
-This spreadsheet assumes that each year of med school will be the same amount. However, there will be some variation between years and maybe increases in tuition. That obviously means my number won't be exact, but it at least gives you an idea.
-I have tried to my best to weed out any mistakes/flaws, but there are no guarantees. If you notice there is an issue, feel free to comment and I will gladly fix it.
-I'm sorry if it makes you puke.
1. Input your loan values in the yellow-highlighted portion on the first sheet titled "Financial Aid Package Offer". If you have received a financial aid offer from a school, it was likely in a similar format broken down by semester and loan type (Federal Direct Unsubsidized and GradPLUS).
2. Once you input your financial aid package numbers, the 2nd sheet titled "Loan Values" will automatically generate. This table is designed to calculate the accrued interest on your loans while you are in medical school (because yes, the loans begin accruing interest upon disbursement). The blue-highlighted portion is the final loan total on June 1st, 2029 when the current rising M1s will have graduated.
3. You can stop here if you'd like.
4. The third sheet titled "Payment Spreadsheet" looks at how your loan will change with payments over time (assuming you begin paying on June 1st, 2029). You will need to input your theoretical monthly payment amount in the yellow-highlighted portion (google/chatgpt for this amount if you want). This will show how your loan changes over a 10-year period based on your monthly payment.
The difference between the Total Capitalized and Total Non-Capitalized is as follows:
Capitalized means that your accrued interest is added to your principle each month, and a new interest value is calculated based off this new principle. Non-capitalized means your principle remains the same and interest is its own separate accruing entity (idk if I explained that great). Essentially, if you are on an income-based repayment plan like the current ones, you will be non-capitalized. However, I chose to also calculate with capitalization because I have no idea how these income-based repayment plans will change with the current administration.
5. This payment spreadsheet is kinda assuming you will be on an income-based repayment plan while in residency and will be paying less than the required monthly interest amount (which is typical on IBR). If for some reason you choose a monthly payment amount that is more than your monthly interest balance, the difference between capitalized and non-capitilized is null (and it will reflect that in the excel sheet).
6. Play around and have fun with it, compare loans, etc.
DISCLAIMERS:
-This spreadsheet assumes that each year of med school will be the same amount. However, there will be some variation between years and maybe increases in tuition. That obviously means my number won't be exact, but it at least gives you an idea.
-I have tried to my best to weed out any mistakes/flaws, but there are no guarantees. If you notice there is an issue, feel free to comment and I will gladly fix it.
-I'm sorry if it makes you puke.
