Student Loan Monthly Payment Calculator - Want to pay off your student loans faster? With our Student Loan Payoff Calculator, you can see how quickly you can get rid of student debt!
This calculator also doubles as an additional student loan payment calculator so you can see how long it will take to pay off your student loan by adding additional payments, refinancing your student loan, or doing both!
Student Loan Monthly Payment Calculator
What is your interest rate? (%) Enter the weighted average interest rate on all your current federal student loans.
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Additional Payment Amount Enter any additional payments beyond your current monthly payment. If you didn't pay anything extra, put "0".
Do you want to see what happens if you refinance? Select "Yes" if you would like to refinance your student loan at a lower interest rate. Otherwise, select "No".
Interest rate you would like to get by refinancing (%) Enter the interest rate you would like if you were able to refinance your student loan. Please note that this does not guarantee a rate. For interest rates currently available from lenders, see the table below.
Paying off your student loan debt as quickly as possible can have many benefits. Borrowers can save thousands of dollars in interest and free up funds to put into their savings and retirement plans, for example.
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Plus, you'll reduce your debt-to-income ratio, which can be important if you're trying to buy a home or take out a business loan, not to mention the peace of mind you'll get from not carrying a large amount of debt.
You can check if you can get a lower interest rate in minutes from a lender like Earnest below. Plus, you can get a bonus of hundreds of ringgit to apply through the Student Loan Planner®.
Let's see how paying off your student loans early can save you money. Assume that, in September 2020, you owe $75,000 (federal loan and/or private loan) at 6% with a standard 10-year payment plan, and your required monthly student loan payment is $833.
Using the student loan payment calculator, you can see that it will take you until August 2030 - a full ten years - to pay off your student debt and earn an additional $24,903 in interest over the life of the loan.
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Now, let's say you can put an extra $167 on your student loan to get a fixed payment of $1,000 a month. You'll pay off your debt two years early (in 94 monthly student loan payments) and save about $5,677 in interest over the payment period just by paying a little more each month.
You can save even more by using this student loan calculator to estimate your savings from refinancing your student loans.
Using the same scenario, let's say you can refinance your $75,000 debt at a new 4.5% interest rate and continue paying $1,000 a month.
You'll pay off your full debt in 88 months (or about seven years), and you'll only pay $13,229 in total interest. In this scenario, you'll end up saving $11,674 in interest alone over the life of the loan due to the lower loan repayment rate and higher monthly loan payments.
Student Loan Calculator Canada
4. Divide each loan's total weight factor by the total loan amount. Then multiply by 100 to get the weighted average.
This calculator is for informational purposes only. It should be used to estimate the amount you can save based on different scenarios. It does not guarantee any fees, refund options, savings or other information.
As you explore different ways to manage your debt payments and budget, it's normal to have a lot of questions. Ask a what if or how question for a while and get the information you need to make an informed decision. Here are answers to some common questions about paying off student loans.
Paying off your student loans early can save you money, but it might not be the best option for everyone. As a general rule of thumb, consider making additional payments if your debt-to-income ratio (DTI) is below 1.5 to 1.0 and you earn at least $50,000 annually. If you owe more than 1.5 times your salary, you may benefit more by taking advantage of an income-based repayment plan (IDR) that offers loan forgiveness.
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Yes. There are no prepayment penalties for federal or private student loans. But you may have trouble getting prepaid status if you use a federal student loan IDR plan.
Paid status can affect payments that count as qualifying payments for loan forgiveness. If you plan to make additional payments, please contact your loan officer directly to ensure that your eligible payments are correctly applied to your loan forgiveness calculation.
There are many strategies you can use to pay off your student loans faster. You can refinance your loan at a lower interest rate or make biweekly payments to make the equivalent of 13 monthly student loan payments in one year. Or, you can pay as much extra money as possible each month by participating or reducing your expenses.
The number of payments required to qualify for student loan forgiveness depends on your student loan payment plan. If you are seeking utility loan forgiveness (PSLF), your loan balance is forgiven tax-free after 120 qualifying monthly payments; whereas the IDR plan offers forgiveness after 20 to 25 years of qualifying payments.
Pros And Cons Of Paying Off Student Loans Early
If you want a personal copy of our most powerful student loan calculator, enter your name and email below and we'll send it to you so you can see how much money you can save.
All rates listed represent APR ranges. Commonbond: If you refinance more than $100,000 through this site, $500 of the cash bonus listed above will be provided directly by the Student Loan Planner.
Terms offered are subject to change and restrictions by state law. Loan offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the selected loan period and will be within the stated rate range. If you choose to complete the form, we will perform a hard credit withdrawal, which may affect your credit score. All annual percentage rates (APR) displayed assume borrowers are enrolled in automatic payments and take into account a 0.25% reduction in interest rates. All variable rates are based on an assumed 1-month LIBOR of 0.15% effective January 1, 2021 and may increase upon completion.
Upon disbursement of an eligible loan, the borrower must notify Student Loan Planner® that the qualifying loan has been refinanced through the website, as the lender does not share the borrower's name or contact information. Borrowers must complete the refinance bonus application form to claim the bonus offer. Student Loan Planner® will verify loan eligibility and, upon verification of eligible refinance, will email you a $500 electronic gift card within 14 business days of the last day of the month in which the qualifying loan was verified as eligible under the Student Loan Planner ® . If the borrower does not claim the Student Loan Planner® bonus within six months of disbursing the loan, the borrower forfeits the right to claim the bonus. The amount of the bonus will depend on the amount of the issued loan. This offer is not valid for borrowers who have already received a Student Loan Planner® bonus.
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THIS IS AN AD. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RETURN TO THIS OFFER.
Earnings: $1,000 for $100,000 or more, $200 for $50,000 to $99,999.99. For Earnest, if you refinance $100,000 or more through this site, $500 of the $1,000 Cash Bonus will be provided directly by the Student Loan Planner. The rate range above includes the optional 0.25% automatic payment discount.
Subject to terms and conditions. To qualify for this Earnest Bonus offer: 1) you must not be a current Earnest customer, or have received a bonus in the past, 2) you must submit a completed student loan refinance form through the designated Student Loan Planner® link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be paid in full.
You will receive a $1,000 bonus if you refinance $100,000 or more, or a $200 bonus if you refinance amounts from $50,000 to $99,999.99. For the $1,000 Welcome Bonus offer, $500 will be paid directly by Student Loan Planner® through Giftly. Earnest will automatically send $500 to your checking account after your last payment. For the $200 welcome bonus offer, Earnest will automatically send the $200 bonus to your checking account after your last payment. There is a limit of one bonus per borrower. This offer is not valid for current Earnest customers who are refinancing their existing Earnest loan, customers who have previously received bonuses, or with any other bonus offers received from Earnest through this or any other channel. Bonus cannot be issued to residents of KY, MA or MI.
Student Loan Repayment Calculator
Actual rates and available repayment terms will vary based on your income. Flat rates range from 5.21% APR to 9.24% APR (excluding the 0.25% autopay discount). Variables
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