📊 Accrual Details
📚 Understanding Student Loan Interest
🧮 Simple vs Compound Interest
Most student loans use simple interest on the principal. However, if unpaid interest is added to the principal (capitalization), you start paying interest on interest.
⏰ Grace Period
Many loans offer a grace period after graduation. But beware - interest may still accrue during this time, just payment isn't required yet.
📊 Avalanche vs Snowball
Pay off highest interest loans first (Avalanche) to minimize total interest, or smallest balances first (Snowball) for psychological wins.
💰 Extra Payments
Even small extra payments can save thousands. Specify that extra payments go to principal only to maximize impact.
💡 Motivation Tip
Keep this page open while studying or working. Every glance at the ticker is a reminder why you're working hard. Channel that anxiety into action!
📝 How to Use This Calculator
- 1 Enter loan amount
- 2 Enter interest rate
- 3 Watch interest grow in real-time
🧮 Formula Used
Daily Interest = (Outstanding Principal ₹ Annual Rate) / 365.25
Visualizes the real-time interest accrual based on simple daily interest calculation.
💡 Key Insights
- ⏰ Interest never sleeps; it grows every second
- 💰 Paying even ₹100 extra helps
- 🚨 High-interest debt is a wealth emergency
- 👁️ Visualize the cost of delay