The Cost of Higher Education

While using a student loan calculator will give a good perspective on your personal debt, it can’t provide an insight to the national crisis centered on total student loan debts. According to the government’s Consumer Finance Protection Bureau statistics, over 37 million borrowers have outstanding student loans with a balance owed approaching $1 billion. Every month, millions of Americans struggle with the pressure of overdue or burdensome student loans.

The government has powerful tools to enforce payment of these loans and to collect on delinquent loans. Aside from using private collection services, there are a number of garnishments and other collection methods that can make life miserable for those who owe on these loans.

No Need to Be a Victim

It is sometimes tempting to simply ignore debts or make the smallest payments possible. When this choice is made, it allows the principles of interest to work against you. Time makes compounding interest a major financial threat for many people. Also, simply letting debts string out for years affects one’s entire financial position and is often very discouraging.

The team at Half A Payment™ understands these issues and has developed a website that provides valuable tools for consumers wanting to deal with their debt issues. These tools include a debt payment calculator and an extra payment calculator. What these handy and easy-to-use applications do is illustrate the power of several basic financial principles. They show how making half payments twice a month and adding a little extra to each payment can save thousands of dollars in interest and reduce payments by years.

When people follow these concepts, they are putting the principles of interest to work for them, rather than having it work against their financial position. When basic assumptions are put into a debt payment calculator, it provides amazing insights into just how much money can be saved. Likewise, an extra payment calculator will show what adding a few dollars to each payment does to reduce the time it takes to eliminate a debt.

The basic principles employed at Half A Payment™ recognize the time value of money and put it to work for the consumer. The student loan calculator demonstrates how quickly those nagging loans can be reduced and paid off. With a focus on lowering the principal that the interest is calculated on, it is possible to take charge of debt rather than letting it control the situation. Visit Half A Payment™ today to see how this power can be put to work for you by using tools like the debt payment calculator and extra payment calculator.