A Website Designed to Give You Clarity on Your Student Loans
If you're anything like me, student loans can feel like a foreign concept. The basic idea makes sense - people lend you money that you have to pay back. But what else is involved in the bargain? I created this website because I was tired of hopping from one website to another just to compare my options.
What does Student Loan Prism do that other loan websites don't? Most student loan calculators only allow you to enter the principal for one loan. If you're still in school or haven't consolidated your loans, you may have multiple loans that all have different interest rates. Our Interest Capitalization & Monthly Payment Calculator allows you to enter principal balances and interest rates for up to 10 loans. The calculator then tells you how much interest will capitalize on those loans and how much the monthly payment will be in total. On that same page, we have another calculator that will help you compare your refinancing options between a few popular lenders. You can also estimate how adding money to your monthly payment can save you time and money. No longer do you have to open up 10 tabs and click back and forth just to find out how SoFi compares to Commonbond.
You can also check out the Newsroom. There, you'll find links to the latest news on student loans.
Some of the content on this website is geared towards law school students and graduates, particularly those at the Harvard Law School. However, the calculators and the information on interest capitalization can be useful for anyone trying to figure out how student loans will affect their financial situation.