Integrated Accounting Solutions’ “LoanAssistant” has developed one of the most fully featured loan processing and management software packages on the market. Its many applications include student loan processing. While we are very proud of LoanAssistant, we also understand that not all student loan lenders have the same software requirements. Integrated Accounting Solutions team has come up with a way to meet the needs of such student loan lenders and have developed a free online loan interest calculator. They can begin using it immediately to create their amortization schedules after they log on to our website. Our online student loan calculator requires no installation and is completely free. So, what exactly do you need to do?
When you log onto our free student loan calculator, you will be prompted to choose from three types of loans you would like to process. You can select “Self-Amortized,” “Amortized Balloon,” or “Balloon Interest Only.” Once you have selected the type of loan you would like to setup, you will be prompted to input the amount of the loan, the interest rate, the rate basis of the loan, and the compounding options for the loan. Enter the closing date of the loan and the maturity date of the loan, or, in the alternative, input the number of payments to enable the interest calculator to calculate the loan’s maturity date automatically. Then, you can select how frequently you would like the loan to be paid. In less than a few minutes, you will have successfully calculated what a prospective loan will look like in our easy to use online interest calculator.
When the loan is calculated, you will be greeted with an information report. The report will show you the pay date, payment amount, rate, interest payment, principal payment, and remaining balance of the loan for each payment. At the bottom of the grid, you will see how much money will be paid over the course of the loan, and how much of that payment is interest. You will receive a clear picture of the loan schedule, the breakdown between interest and principal in each payment, and the total amount of interest you will make as a lender or pay as a borrower. Lender can print out the newly created amortization table.
You can also quickly generate and print payment coupons. With one click, you will be able to produce loan payment coupons that include the amount due, the due date of the payment, the address of your borrower, and the address that the borrower needs to send the payment to. It is simple, easy to read, and even easier to keep track of.
Our online student loan calculator is free, easy to use, and fills the needs of lenders who do not need our more fully featured loan amortization software; Loan Assistant Lite, or Loan Assistant Professional.