During our FitBUX coaching calls, we’re asked which repayment strategies is the best. In reality, the answer differs from person-to-person and situation-to-situation. If you need help deciding whether paying off your loans is best or the loan forgiveness route is better, the ‘Pay Off Vs IDR Student Loan’ Tool will be able to guide you to see which strategy fits best with you financially.
For the tool:
1.) Click on ‘My Tools’ at the top and then on ‘Pay Off vs IDR Student Loans.’
2.) Adjust anything you need and then click ‘Next’ at the bottom of this next screen.
3.) Scroll to the bottom of the following screen and select which repayment strategies you want to compare.
4.) Click on ‘Run’ once you decide which plans to compare.
5.) From here, you’ll see an explanation and some graphs at the bottom of the screen.
6.) Congratulations, you just compared your loans on the tool.
For the Upgraded Financial Planning tool:
1.) Click on ‘My Plan’ at the top and then click on ‘Build A New Plan’.
2.) Click ‘Continue to Step 1’ and then continue to Step 2.
3.) Expand out the ‘+’ button under ‘Debt’ and you’ll see where you can choose which repayment plan you want to choose.
4.) Click on through to Steps 3 and 4 and then click ‘Save My Plan’ and title is to ‘Plan 1’.
5.) You should be on the comparison screen now. Click the 2 sheets of paper button under your title and that is a ‘Copy Plan’ button.
6.) Copy your plan to Plan 2 and once again, continue on to Step 2.
7.) This time, change your repayment plan to another plan and then continue on through to steps 3 and 4 and ‘Save My Plan’.
8.) You will now be back on the comparison screen to where you now should have 2 plans done to compare.
9.) Congratulations, you have now compared your plans through your Financial Plan.