Student Loan Repayment Calculator

How to Use the Calculator

This calculator is designed to help you understand how much your student loans will cost over time. To begin, enter the following:

• Total Loan Balance: The amount you currently owe.
• Average Annual Interest Rate: The weighted average rate across your loans.
• Loan Term: Choose from standard repayment options like 10, 15, or 20 years.
• Extra Monthly Payment (Optional): Add an extra amount to see how much faster you could repay your loan.

Click “Calculate Repayment” to instantly view your:

• Estimated Monthly Payment
• Total Interest Paid
• Total Cost of the Loan
• Time Saved with Extra Payments (if any)

Understanding the Results

Based on U.S. averages:

• Loan Balance: $37,000 (average federal student loan debt)
• Interest Rate: 5.5% (average federal loan rate)
• Term: 10 years (standard plan)

You would pay:

• Monthly Payment: $400.95
• Total Interest Paid: $11,114.34
• Total Loan Cost: $48,114.34

If you pay an extra $100 per month:

• You’d save over $2,500 in interest
• Pay off your loan more than 2 years early

Tips to Pay Off Student Loans Faster

• Make Extra Payments: Even $50–$100/month can save years of interest.
• Pay Biweekly: This results in one extra payment per year.
• Refinance for a Lower Rate: If you have good credit and stable income.
• Target the Highest-Interest Loans First: Apply extra payments to the costliest loans.

Try the calculator now to take control of your student loan repayment strategy.

FAQ:
Q: What’s the average student loan interest rate?
A: Federal rates typically range from 4% to 7%, but private loan rates vary widely.
Q: Can I apply extra payments to principal only?
A: Yes, but you must request it—otherwise it may apply to future interest.
Q: Does refinancing student loans make sense?
A: If you qualify for a lower rate and give up federal protections, it can save you money.
Q: How can I reduce my student loan interest?
A: Refinance or enroll in autopay with some lenders to get a small discount.