Student Loan Repayment Calculator
This calculator helps you build an efficient plan to pay off your student loans.
1. List Your Loans:Use the "Add Loan" button to list all your individual student loans. For each one, enter a name (e.g., "FedLoan Subsidized"), the current balance, the interest rate, and the required minimum monthly payment.
2. Add an Extra Payment:Enter any extra amount you can afford to pay each month in the "Extra Monthly Payment" field. This is the most important step to pay off your loans faster.
3. How It Works:The calculator uses the Debt Avalanche method. It directs you to pay the minimum on all loans, then applies your extra payment (plus the minimum payments of any loans that get paid off) to the loan with the highest interest rate. This strategy is mathematically proven to save you the most money on interest and get you out of debt the fastest.
The calculations are estimates based on the data you provide. They assume fixed interest rates and do not account for fees, income-driven repayment plan adjustments, or other plan-specific details. This is not financial advice.
Create an efficient plan to pay off your student loans.
Debt-Free Date
Total Paid
Total Interest Paid
Payoff Schedule
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