🎓 Paying off student loans can feel overwhelming, but with a smart plan and the right tools, it’s totally manageable!
If you’re fresh out of school or just want to refinance, this guide (and the calculator below) will help you figure out how much your monthly payments will be, and how long it’ll take to be debt-free.
Table of Contents
💡 What is a Student Loan Repayment Calculator?
A student loan repayment calculator helps you estimate:
- Your monthly loan payments
- The total interest you’ll pay
- How long it will take to repay your loan
- The impact of making extra payments
This can help you choose the right repayment plan, like Standard, Extended, Graduated, or Income-Driven.
🧮 Student Loan Repayment Calculator
To use the calculator below you will need to enter the Loan repayment amount, the loan term and the interest rate.
💵 Student Loan Repayment Calculator
💡Helpful Tips for Paying Off Student Loans Faster
🎯 Start with a Budget
Create a monthly budget that includes your student loan payments. Knowing where your money goes helps you stay on track and avoid missing payments.
💰 Pay More Than the Minimum
Even an extra $20–$50 a month can save you hundreds (or thousands) in interest over time. Be sure to tell your lender the extra goes toward the principal!
📅 Choose the Right Repayment Plan
Federal loans offer several repayment options — from Standard to Income-Driven Repayment (IDR). Pick the one that fits your income and goals.
🔄 Consider Refinancing
If you have a good credit score and steady income, refinancing to a lower interest rate could save you money. But you may lose federal benefits like deferment or forgiveness.
🎁 Use Windfalls Wisely
Got a tax refund, bonus, or birthday cash? Put some of it toward your loans to make a big dent in your balance.
🎓 Apply for Loan Forgiveness
If you work in public service, education, or non-profits, check if you qualify for programs like Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness.
⏳ Set Up Autopay
Many lenders offer a 0.25% interest rate discount when you sign up for automatic payments — plus, you won’t miss due dates!