The Student Loan Whacker - In Payment
This debt-cutting tool is also known as the Debt Investment Calculator. That's because it shows you why paying off debt is an actual investment. In fact, paying off debt may be the most profitable investment you can make.
The Whacker also helps you answer three questions, based on what you could add each month to your student loan payment:
- How much faster would you be free of student loans?
- How much money would you save off interest charges?
- What return on investment would you get compared to putting that money in a term deposit or other investment?
But what if you can't afford to pay extra? What if you're broke or you're stuck with really high payments?
If you're on Interest Relief or RAP (Repayment Assistance Plan)
Use the 3 cash-locating calculators above even if you're allowed to skip student loan payments right now because you're on Interest Relief or RAP. Take advantage of this excellent time to pay.
Here's why: every penny you pay now will go toward cutting the size of your debt, not paying off interest. That will help you later, when you may not qualify for further repayment aid.