The US government has unveiled a new loan calculator that allows borrowers to easily compare the costs of various types of student loans to see how much they would need to repay.
The calculator, released on Monday by the Department of Education (Deve), is based on a report released last year that showed that student loans were costing US taxpayers between $8 billion and $17 billion annually.
According to the calculator, the average annual loan payment for a single family member is $21,878, and the average loan repayment is $14,828.
It calculates the average cost per student loan as $15,000, which is slightly higher than the $12,000 average per student debt for the US as a whole.
But this doesn’t take into account the interest that borrowers are likely to pay, the calculator notes.
In addition to the cost of interest, the cost includes the cost for any monthly fees or fees charged by your lender.
It also includes a cost of servicing the loan, such as the cost to refinance the loan if you lose your job.
The Department of Justice has also released a similar calculator, which shows how much a typical borrower is likely to spend on private student loans and a mortgage on a house.
But these figures aren’t as useful for comparing student loans as they are for assessing the real cost of a loan.
The loan calculator used by the Deve is a bit more accurate than the new US Government’s calculations, but they do not take into consideration other costs that can be incurred while studying.
The Education Department has said that it is working to fix the problem, but it hasn’t specified how or when.
A spokesman for the Department told Al Jazeera that the government is “working to make the data more accurate, but we do not have a timeframe for when we will have a better estimate of the cost.”
The spokesman added that the Department will “continue to work with the private student loan industry to provide more reliable information on these costs and the impact they have on students”.
The Department has already launched a crowdfunding campaign to help make its new calculator more useful to students.
It is encouraging anyone who wants to help out with the project to go to the crowdfunding page.