The Loan Department celebrates the importance of Financial Literacy by highlighting the correlation between student loan repayment amounts and starting salaries. The following websites are a great place to start learning about repaying student loans and what kind of salary level you will need to earn in order to make your student loan payments.
Most students and parents don’t understand their financial realities post-enrollment, especially their expected salaries and educational debt payments. Financial literacy inspires the Loan Department to teach students how to plan for their financial futures and how to handle debt obligations.
12-Step Guide to Financial Success
Are you ready to take control of your financial future? Not sure what steps to take to get there? The 12-Step Guide to Financial Success provides you with easy steps that will help you effectively manage your finances. The 12-Step guide includes steps on how to improve your monthly budgeting and saving, pay loan debt and maintain good credit. The earlier you get started on mapping your financial future, the more manageable your finances will be post-graduation.
Student Loan Calculator
Imagine you've just graduated from college. Do you know how much your monthly loan payment will be? This calculator will help you understand your student loan repayments in relation to your possible starting salary. Enter the amount(s) you have borrowed or expect to borrow for college, graduate, or professional school in the form below. Then, enter the amount you expect to earn when you graduate. Submit the form electronically to get an analysis of whether the amount you have borrowed or expect to borrow is manageable or potentially burdensome.
Decide how much you can borrow (debt/salary wizard)
Use this interactive calculator to determine the following:
- How much you can afford to borrow in student loan funds based on your future expected earnings.
- The salary you will need in order to afford your student loan payments.
If you enter the salary you anticipate earning upon graduation, the calculator will calculate the maximum amount of student loan debt you should borrow. If you enter the current amount borrowed in student loans and the amount you anticipate borrowing throughout your college career, the calculator will return the salary required to make payments on this debt.
Parent Loan Repayment Calculator
If you are considering borrowing for your child's education, this worksheet will calculate your monthly repayments based on the repayment period (in years), annual interest rate, and loan principal amounts you enter.
Complete the following form to calculate your estimated monthly repayments based on your borrowing plans.
External links disclaimer
Loyola Marymount University web site contains links to other web sites which are independently run sites outside of the lmu.edu domain. Loyola Marymount University is not responsible for the privacy practices, activities, or content of such independent sites. Any links to external Web sites and/or non-Loyola Marymount University information provided on university pages or returned from university Web search engines are provided as a courtesy. They should not be construed as an endorsement by Loyola Marymount University of the content or views of the linked materials. The materials on these independent sites are the opinion of the specified author(s) and are not statements of advice, opinion, support or information of Loyola Marymount University.