I posted this question on the Dental forum but haven't gotten any help yet. Wondered if someone over here might have suggestions:
I'd like to create a spreadsheet that shows the monthly payoff of the various federal loan repayment options. The fed loan website gives payment estimates but makes you use a standard salary increase (for the income based options). I contacted them to find the actual calculation but they "don't provide that information".
The standard and extended fixed options are easy excel calculations but I can't figure out how the others work (how the payment is divided between interest and principal). It would be a huge help if anyone has already wrestled with this and can make suggestions....
There are "advisor services" that will do the calculations for you but they come with a stiff fee. Must be a do-it-yourself calculation somewhere.
Thanks for any insight you can share.
I'd like to create a spreadsheet that shows the monthly payoff of the various federal loan repayment options. The fed loan website gives payment estimates but makes you use a standard salary increase (for the income based options). I contacted them to find the actual calculation but they "don't provide that information".
The standard and extended fixed options are easy excel calculations but I can't figure out how the others work (how the payment is divided between interest and principal). It would be a huge help if anyone has already wrestled with this and can make suggestions....
There are "advisor services" that will do the calculations for you but they come with a stiff fee. Must be a do-it-yourself calculation somewhere.
Thanks for any insight you can share.
