Credit card issuers have been rolling out new ways to help borrowers with student debt, but they’re also offering new ways for borrowers to make money from the program.
With the launch of the Student Loan Calculator, banks are giving borrowers access to a wealth of data, including the percentage of their monthly payments that go toward student loans.
It also includes information about the amount of money they have available to make, such as whether they’re on track to pay their mortgage and whether they’ve been able to refinance their existing mortgage.
“The calculator lets you make your best guess about whether you’ll be able to pay down your student loan,” a spokesperson for the Consumer Financial Protection Bureau told Mashable.
“With this tool, you can see how much you can make, without having to rely on someone else to estimate what your income will be.”
The calculator is available on most major credit cards, including American Express, Discover, and Visa.
The website is also being rolled out to the consumer lending marketplaces, which allow borrowers to use the calculator to estimate their income and make payments on their loans.
The calculator also has the ability to show borrowers how much they can pay down the mortgage, so they don’t have to rely solely on the consumer loan company to help them pay off their debt.
The calculator, which is currently available in the U.S., has been rolling into more and more credit card issuer platforms, including Chase, Bank of America, American Express and Wells Fargo.
“With the Student Lending Calculator, you get a wealth and data that you can use to help you make informed decisions about your creditworthiness and make the best decision for you,” the bureau said.
“By providing this tool to borrowers, we can provide consumers with more information about their options and their financial goals, as well as improve the financial literacy of the community.”
For those who have taken on student loans but aren’t yet ready to refit their loan, the calculator offers additional data on how much interest they have on their student loans and how much of that interest they can repay.
It is also able to calculate how much money you need to borrow to pay for your student loans in order to repay them.
The Student Loan calculator is also getting support from the Department of Education, which has also announced the release of a “free tool” to help students make better financial decisions.
“We know that student loan borrowers face a number of financial challenges, and the Student Loans Calculator provides a wealth, useful and timely data on their finances,” a representative from the department told Mash the calculator is “the best way to get started making smart decisions about paying off student loans.”
“We’ve been working closely with lenders, borrowers, and their families to help make this tool even better,” the spokesperson added.
“We hope to release this tool as soon as it’s available, so you can start making informed decisions and saving money.”
The Department of Justice, which also launched a new calculator to help consumers better understand their student loan options, is also rolling out a new tool for students that has been available to students for a few months now.
The “Student Loan Calculator is an important tool for student borrowers, allowing them to estimate the amount they will need to repay, and provide information on how to refloat their existing loans,” the department’s Consumer Financial Fraud Hotline said in a statement.
“As with any tool, the Student Calculator should be used as an information resource and not as a tool for a student to make a decision.”
For more on student debt and how to pay it off, watch: