Excel - student loans?

crana999

Hi,

I'd like to put my student loans in Excel so that it calculates what the total amount I owe is, including interest, as time goes on.

It's slightly complicated because I get my loan in 3 installments over the year (9 installments in total) and obviously each installment only starts accumulating interest once it's been paid to me.

Ideally I would like it so that I could put the date of payment (i.e. the day I get the loan money from them) and amount paid in when I get an installment and it calculates total amount and interest I owe at that moment.

Is there any way to do this?

Thanks

james32_uk

Would be complicated, because the rate of interest changes all the time. Why would you want to do it anyway? You get a statement every quarter.

crana999

well, it changes, but not ALL the time.

I haven't had a statement yet ..

sly_dog_jonah

The interest changes each year on 1st Sept, and post 1998 students only get an annual statement on 5th April once they have graduated, and sometime in september while they are still at university.

SLC add interest on the last day of each month, so if you want to be able to verify all their calculations the spreadsheet ends up being very long. Also the daily rate of interest they use does not precisely correspond with the annual advertised rate, which results in a discrepancy of a few pennies here and there.

I've got a spreadsheet which verifies the SLC calculations and also tries to predict when I'll pay off the loan now that I am earning, although that's a less precise art because it depends on my future earnings, future SLC interest rates, and when the Inland Revenue actually tell SLC what i've paid back through my earnings in each tax year.

I'll have a go at making a simpler version for you to track how much you owe SLC.

sly_dog_jonah

Okay I've put an Excel spreadsheet together now, I can't add it here as an attachment so send me your email address in a Private Message and I'll email it to you.

crana999

Thanks, will PM you now!