Best Student Loan Planner Tool

Loan planner tools are dynamic because they keep on changing and upgrading over time. There are plenty of student loan planner tools available in the market, so choosing the best one is not easy.

I have come up with the best student loan planner tools to assist students in planning loans effectively.

Best Student Loan Planner Tools

There are a plethora of student loan planner tools, but all are of not the best quality.
I have shared a few of the best student loan planner tools to assist you in planning
loan effectively:

Certified Student Loan Advisor Technology

In 2017, a beta version was launched by CSLA of their platforms, and it consisted
of the many vital features which advisors prefer.

Backed by the Certified student loan advisor board of standards, a non-profit society, CSLA, has its designation as the Certified Student Loan Professional. “Heather Jarvis,” a recognized loan expert student, is a board member who proves to have few of the most knowledgeable people within the country in their team.

Advantages

CSLA comprises the most robust adaptability and detail of any tools which is listed. Advisors can also draft an email to their respective clients, asking them to upload their NSLDS data file. Indeed, it automatically generates information related to their loan history.

The “forecast” screen offers advisors to project the Adjusted Gross Income or AGI concerning their annual growth. Also, to override the account for an anticipated jump in earnings. For instance, when a medical resident transforms into an attending physician.

One can also expect a spouse’s income, plans for future children, year of marriage. All such factors influence the IDR or income Driven Repayment plans.

Now, the “Payment Plans” screen allows simple comparison across numerous plans. It even includes the amount of “tax bomb” which will target those who use an IDR plan. At the mark of 20-25 years, taxable forgiveness will also be considered. An Individual can calculate the total cost of repayment and quickly compare it to the standard plan of 10 years by clicking on any tabs.

One can even notice how the monthly payments ramp up over time-based on inputs
on the forecast screen.

Disadvantages

The platform of CSLA is new, and therefore there are several areas to get better over time. It depends on the client to upload their data. Also, there is an absence of an advisor option to do so. Additionally, Data on the client side has to be entered manually, including age, salary, marital status, children, etc.

Right Capital student Loan Module

Right capital is the only financial planning to build its platform. It gives enormous benefits to the advisors who distribute students with loans, as it helps in loan analysis vs. debt analysis.

Advantages

The existing financial planning software can be extraordinary if embedded with a
loan analysis tool. Somehow, it becomes ideal for creating an overall financial
plan.

Some assumptions like income growth, family income tax rates, etc. are inputted into the existing plan. Also, it means one less system for the client as well as the Advisor.

Using Right Capital, one can view the summary of total student loans. It includes
all the required information like every loan, along with the programs these loans
will be eligible for.

Disadvantages

The right Capital tool depends on student loan services but not on NSLDS. The client’s data, which is imported, requires clean-up. It is because the transferred information is always not accurate. Additionally, Right Capital requires manual entry of standard 10-years-repayment-option. It is essential for the comparison of different options

Student Loan planner Excel-based Calculator

For conducting student loan analysis, the student loan planner is wholly dedicated. With over 1000+ student loan project and a dedicated tool for analyzing business debts, they have created a large platform.

The main focus of the Student Loan Planner is the work based on direct to the customer, and it does not find itself as the only tool for advisors. However, many use the tool for their student loan analysis.

Advantages

Using a Student loan planner is an easy task and comes in handy to someone exhibiting knowledge of using excel. Its interface offers a side-by-side comparison to overlook total payments, including net present values and current dollars, monthly payment amounts, etc.

Disadvantages

The student loan planner asks for combining the loans, forming one input of average interest rate and total loan balance.

Additionally, the tool does not exhibit any way to notify the planner. The notification could have been for which federal repayment program is available or not based on the data.

Student loans. Gov Repayment Estimator

It is a tool that comes directly from the U.S. Department of education. It is useful
for a simple situation.

Advantages

The tools offer clients the liberty to log-in under their account and work on analysis with the data pulling out of the DOE’s database. It makes the Advisor confident about working on accurate information.

The tool gives accurate information about the program, whether the client is eligible or not. Ultimately, it eliminates the confusion of enrolling in a repayment scheme in which the loan might not be eligible.

Disadvantages

The tool might not be as flexible as one expects. For instance, it uses a 5% annual increase assumption. However, there doesn’t exist a way to override that with a larger client income trajectory.

Additionally, an individual cannot add information about his spouse. This factor
exists in a household-level program.

VIN foundation student Loan Calculator

Veterinarians ought to graduate with a particular student loan debt, which relates to their income. The student loan burden proves a massive barrier to personal financial security for numerous veterinarians.

Advantages

The VIN foundation tool proves to be the most flexible tool for the analysis of student loans. The Advisor can enter any variable they wish to. It includes manual overriding assumptions of income shortly as and when necessary.

The software includes household debts and income and showcases various charts
and tables to present the impacts of different repayment plans.

Disadvantages

A large amount of information is required to enter the inputs in the VIN foundation tool. This software requires a lot of manual entry.

Additionally, there is no place to enter the loan type of each student a particular client has. Therefore, it cannot be decided which student loan programs these loans are eligible for.

Conclusion

When talking about student loan repayment analysis, there is no ultimate solution
to choose. Advisors prefer more straightforward tools, and analysis is based on
Excel or other manual calculations.

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