How to Use Our Student Loan Repayment Calculator

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How to Use Our Student Loan Repayment Calculator

Student loans are the second-largest category of consumer debt in America. Our Student Loan Repayment Calculator helps you create a realistic payoff plan.

What to Enter

• Total Loan Balance -- Your current outstanding balance across all student loans. Check your loan servicer for exact numbers.
• Interest Rate -- Your weighted average interest rate. If you have multiple loans at different rates, use the weighted average or calculate each loan separately.
• Monthly Payment -- Your planned monthly payment amount.
• Repayment Plan -- Standard (10 years), graduated, extended, or income-driven. Each plan has different monthly payments and total costs.

Understanding the Results

Payoff Date -- When you will make your final payment at the current payment amount.

Total Interest -- The total interest you will pay over the life of the loan. On a $35,000 loan at 5.5% with standard 10-year repayment, you will pay roughly $10,500 in interest.

Total Cost -- Principal plus all interest, showing the true cost of your education financing.

The Power of Extra Payments

Even an extra $50 or $100 per month can dramatically shorten your timeline:

On $35,000 at 5.5%:

• Standard payment ($380/month): 10 years, $10,500 interest
• $430/month: 8.3 years, $8,500 interest
• $530/month: 6.5 years, $6,500 interest

That extra $150/month saves you $4,000 and gets you debt-free 3.5 years sooner.

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