How to Add Unsecured Debt

When you’re just getting started with ProjectionLab it’s important to add your assets and liabilities. Outside of secured debt like a mortgage or car loan, you may have unsecured debt like student loans, medical debt, or credit card debt.

Adding Unsecured Debt

You can add a new Unsecured Debt by going to Current Finances located in the top left of your screen > click Unsecured Debts in the middle of the page > click + Add Debt.

A pop-up will appear to choose which type of debt to add. You will see a list of options that includes: Debt, Student Loans, Medical Debt, and Credit Card Debt.

In this article, we will walk through adding a Student Loan.

Adding a Student Loan

Click Student Loan and the pop-up will disappear, directing you to input the following details:

• Current Balance - input your remaining loan balance (for example, $35,000)
• Annual Percentage Rate (APR) - add your interest rate (for example, 6.4%)
• Interest - choose from Simple or Compounded
  • Compounding - choose from Daily or Monthly
• Monthly Payment - add your total monthly payment (for example, $390)

After you fill in this information, you will see Years to pay off calculated. If you click on the number, you can also change the number of years to pay off and your monthly payment will adjust.

This is a great option to explore if you’d like to pay off your student loans early and see the impact of making larger payments.

Rename Your Unsecured Debt

Your unsecured debt will auto-populate with a generic name like Student Loan. To rename a debt, hover over the name > click the Pencil icon > type in your preferred name. This is especially helpful if your household has multiple of the same unsecured debt type, like an undergraduate and graduate student loan.

Adding Unsecured Debt in the Future

If you forget to add an unsecured debt or take on new debt while using ProjectionLab, you can always return to this same location to add another loan or make changes at any time.