In looking at the columns entitled "Salary excluding 150% of Fed Pov Line," I can observe the growth of our discretionary income as defined by each plan. However, it allows me to see how much my girlfriend's monthly payments will be under different plans. I do not need to enter anything or change anything in this tab. The third and final 'Simulation' tab is the back end that makes the spreadsheet work. All of the other options would cost at least $10,000 more. The two best options to us were PSFL and private refinancing. We checked with her loan servicer to make sure she was not eligible. I decided to include it in the spreadsheet just in case. Unfortunately, my girlfriend does not qualify for the PAYE plan because she had loans before October 2007. After 120 qualifying payments, we could apply for tax-free forgiveness for the balance of the loan. Public Service Loan Forgiveness (PSLF) requires us to sign up with one of the four major options. Finally, if we chose the Standard plan, she would just pay the monthly payment that would have resulted in complete payback of her original loan balance within 10 years.If we chose the PAYE plan, her monthly payment would only be 10% of her income.Since all her loans predate 2014, she would be on the old IBR plan that charges 15% of income. The IBR program is either 10% or 15% of discretionary income depending on the year of her loan issuance.REPAYE would have no cap on her monthly payments, which would be 10% of her discretionary income.There are four main repayment programs within the federal student loan program:
#Excel student loans budgeting template reddit how to
Also we have provided tips from professional business advisors on how to strengthen your model.Īdditionally, you will find find a personal survival budget template along with a guidance worksheet to help you with your Cash flow forecast.I highlighted the most expensive repayment option in red, and I highlighted the cheapest option in green. To understand how to fill up the downloadable cash flow forecast, the online methodology below identifies what each section means along with info on the inputs needed. There are various benefits that come from designing and regularly updating a cashflow forecast. Even if the actual performance of the business may deviate from the expect cash flow, it is still an important document to have as you manage your business. But if you are starting from scratch, we recommend that you use our template because it serves to remove confusing calculations, especially for individuals who have no previous experience with these before.Īnother benefit of using this template is that it includes all the necessary information that our loan assessment team needs to make a fair and informed lending decision.Įven if you choose not to proceed with a start up loan application immediately, it is necessary to have a cashflow forecast to keep yourself on top of your finances. It is not necessary to use our template, if you have already created one of your own. If you’re applying for a startup loan, our company requires a 12 month forecast, given that though these figures will surely change over that trading period, this is a good period of time for yourself, and us, to see how sustainable your plans are. The forecast should reflect all of your potential revenue sources (such as sales or other payments from customers) and compare these to other potential business expenses (such as supplier payments, premises rental and tax payments). Projection model forecast startup template excel cashflow cfĪ CF forecast estimates the expected amount of money your business will bring in and pay out over a period of time. Weighted average cost of capital (wacc).International financial reporting standards (irfs).
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