Student Loan Calculator
Your Debt-Free Date
Loan Summary
| Loan | Balance | Interest Rate | Min Payment | Action |
|---|
If you continue making only minimum payments, you'll be paying on your loans until:
And you'll pay $ in interest.
But if you use the debt snowball method, you'll be student loan debt-free by:
And you'll pay $ in interest. That saves you $ in interest alone.
Boost your payments to pay off your student loans even faster!
What It Means: The interest rate is the percentage charged on your student loan balance annually. This rate affects how much you’ll owe in addition to the principal amount of your loan.
How to Answer:
- Enter the annual interest rate (APR) for your student loan. You can typically find this in your loan agreement.
- Ensure you’re entering the correct rate as even a small difference can significantly affect your total repayment amount.
What It Means: The minimum monthly payment is the smallest amount you are required to pay each month to avoid defaulting on your loan. It is calculated based on your loan balance, interest rate, and the repayment term.
How to Answer:
- Enter the minimum monthly payment required by your loan servicer. This ensures the calculator can accurately estimate your payoff schedule.
- If you're making larger payments than the minimum, you can add that to the "Extra Monthly Payment" field for more precise results.
What It Means: The extra monthly payment is an additional amount you pay each month on top of your minimum monthly payment. Paying extra reduces your loan balance faster and helps you save on interest.
How to Answer:
- If you’re planning to pay more than the minimum required each month, enter the extra amount you’ll pay here.
- This field is optional, but making extra payments can help you become debt-free sooner.
