Student Loan Calculator
See how extra payments can help you eliminate student debt faster and save thousands in interest
Loan Information
Repayment Strategies
- • Pay more than the minimum whenever possible
- • Specify extra payments go to principal, not future interest
- • Consider refinancing if you have good credit (6%+ rate)
- • Take advantage of autopay discounts (usually 0.25%)
- • Prioritize high-interest private loans first
- • Use windfalls (bonus, tax refund) for lump sum payments
Federal Loan Benefits
- • Income-driven repayment plans available
- • Potential for loan forgiveness (PSLF, Teacher, etc.)
- • Deferment and forbearance options
- • No prepayment penalties ever
- • Consider forgiveness programs before aggressive payoff
- • Death and disability discharge available
Important Note on Forgiveness Programs
If you're pursuing Public Service Loan Forgiveness (PSLF) or other forgiveness programs, making extra payments may not be optimal. Forgiveness programs require making the minimum required payments for the specified period. Consult with a student loan advisor before committing to aggressive repayment if you qualify for forgiveness.
Break Free from Student Debt
Every extra dollar brings you closer to financial freedom