This is the ultimate guide to how student loan interest works for everyone who has student loans and feels awful about paying them!
Because when you don't understand where your money is going and why student loan interest costs so much, you feel terrible about your loans - but when you understand how to calculate student loan interest and that the amount you'll pay in student loan interest goes down over time, you'll feel much better about your loans. ❤️
Even if you don't think you're any good at math, this video will walk you through the basics of how student loan interest works and how to calculate your monthly interest. It even shows you how interest works over the life of your student loans.
Once you understand how they calculate student loan interest, you'll feel IN CONTROL and MUCH BETTER about paying your student loans, interest and all.
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- Get the Cheat Sheet here: www.msmoodymoney.com/hello
LINK MENTIONED:
Here's the official website on all things student loan interest! studentaid.gov/understand-aid...
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Ms. Moody - former librarian, current financial feminist, and money educator.
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Wanna read a good money book for beginners?
"The Index Card" by Helaine Olen and Harold Pollack
- Get it from your public library: www.worldcat.org/oclc/928750850
-Get it from a local bookstore: www.indiebound.org/book/97801
...Looking for a book a bit more advanced?
"Dumb Things Smart People Do With Their Money" by Jill Schlesinger:
- Get it at your local public library: www.worldcat.org/oclc/1140204982
- Get it from a local bookstore: www.indiebound.org/book/97805
Thanks for watching!
Heads up: All the content is for educational purposes only. Ms. Moody is not a licensed financial advisor; she’s a librarian, money nerd, and educator. As personal finance is personal, to find out what is best for you, consult a financial professional. Users are solely responsible for any actions they take.
This video is protected under US Copyright law. If you would like to reuse any of it for your own work, you must have explicit permission from the creator (Ms. Moody). Please contact me for permission before using any part of the video.
Chapters:
00:00 - 2:15 - Why is it important to know how student loan interest works?
2:16 - Loan terms you need to know
4:35 - How student loan interest is calculated
6:47 - What is the formula to calculate student loan interest
7:26 - How does interest over the life of student loans work?
8:48 - How your balance goes UP on IDR plans!?
9:40 - How to calculate your monthly student loan interest?