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10000 dollar loan over 10 years with a 5% interest rate and $100 monthly payment.
Inspiration
As a student (or recent graduate), I was overwhelmed by the complexity of student loans—understanding repayment terms, interest accrual, and long-term costs felt like solving a puzzle. Existing calculators were either too simplistic or overly complex, lacking clear monthly breakdowns. I wanted to build a tool that demystifies student debt by visualizing the journey month-by-month, empowering borrowers to make informed financial decisions.
What it does
The Student Loan Comprehensive Calculator provides a detailed, monthly breakdown of: Payment allocations (principal vs. interest), cumulative interest over time, and remaining loan balance after each payment. Users can adjust variables like loan amount, interest rate, and term length to see how even small changes impact their repayment timeline.
How we built it
Tools: Leveraged Bolt to streamline development, accelerating frontend scaffolding and backend logic.
Challenges we ran into
At this point in time, the app does not yet have the ability for cool charts and graphs that may be more appealing to a user.
Accomplishments that we're proud of
Transparency: Users can see exactly how much they’re paying in interest vs. principal each month. User-Centric Design: Clean, intuitive UI that avoids overwhelming users with financial jargon.
What we learned
It's so crucial for students to see if there is any chance they can get a subsidized loan over an unsubsidized, it makes a huge difference, especially when they are still in school and unable to work.
What's next for Student Loan Comprehensive Calculator
Savings Integration: Show how investing vs. early loan payoff compares over time. I'm also contemplating a mobile app version of this web app.
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