Find the rate of interest on your education loan. It should be programmed on your loan reports and in your online account with the loan supplier. If you are uncertain who your lender is, talk to the financial aid office of your college.
Change the rate of interest to a decimal by shifting the decimal point two spaces to the left. For instance, if your annual interest rate is 6.2 %, shift the decimal point to the left two spaces to obtain 0.062 as your rate of interest where you are doing your studies.
Divide the interest rate of your school education loan by 365.25, which is the quantity of days in a year. This offers you the interest charged on your education loan account each day. Find the balance amount on the principal of your education loan. The principal is the sum that you have received as a loan, as well as any interest that was capitalized if you have previously started your repayment period. Multiply the each day rate of interest by the number of days from the time when your previous interest payment, or if you have not made the repayment, the number of days from the time when the loan was disbursed. Multiply the accumulated interest rate by the principal amount to compute the interest payment.
Summary: There is no necessity for you to do all these complex calculations manually. The education loan calculator will do all the necessary calculations
Source : http://education-loan.blogspot.in/2014/04/ways-to-calculate-interest-payments-on.html