With the start of a new school year at Florida universities and colleges fast approaching, Chief Financial Officer (CFO) Jimmy Patronis encourages students and their families to evaluate the impact student loans will have on their future and long-term goals. According to a recent report, student loan debt in the U.S. reached another all-time high of approximately $1.4 trillion in the first quarter of 2019 and increased by 116% in 10 years. Since student loans are a big commitment, it is important to understand your financial obligations as a borrower.
CFO Jimmy Patronis said, “Student loans make up the second-largest credit debt for Americans, trailing only mortgage loans. Taking out a student loan is a huge decision which sometimes impacts your finances decades into your future. By using a loan calculator before making a major financial decision, you can see the effect it will have on your financial future. It’s vital for students to understand what their loan payments will look like and to consider whether they can truly afford them.”
CFO Patronis’ Student Loan Calculator may help you estimate true loan costs and display a projected repayment schedule.
Steps to Use the Student Loan Calculator:
- Visit CFO Patronis’ Student Loan Calculator.
- Input your total student loan amount.
- Enter the estimated loan interest rate.
- Input either your desired monthly payment or the length of the loan in months.
- Push the ‘calculate’ button to view the estimated true loan cost and a student loan payment schedule.
CFO Patronis’ Division of Consumer Services offers several programs to educate consumers about finances and assist them in making wise decisions to prepare for their financial future. For more tips on saving and financial planning, review CFO Patronis’ financial literacy programs. To explore your own financial information in greater detail and forecast your future, visit CFO Patronis’ Your Money Matter$ financial calculators.
This financial loan calculator was created in partnership with Practical Money Skills for Life.
About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).