Student Loan Payoff Calculator
Take charge of your student debt. Model federal student loan repayments, consolidation options, or bad credit loans to calculate how extra monthly payments accelerate your payoff.
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Accelerated Savings
Redirecting your saved monthly payments ($0/mo) for the 0 years you saved at a 7% annual return accumulates this wealth.
Understanding Extra-Payment Payoff Math
How do I calculate student loan payoff schedules?
You calculate student loan payoff by applying extra monthly payments directly to the principal balance. This reduces the outstanding amount, lowering the daily interest accrual rate on your education loan.
Does paying off student loans early save money?
Yes. Many student loans have relatively high interest rates. Paying them off early reduces the total compound interest, saving thousands of dollars and giving you debt-free flexibility early in your career.
What is a federal student loan and how do I apply using FAFSA?
A federal student loan is funded by the government and offers fixed interest rates and income-driven repayment plans. To apply for a federal student loan, you must complete the Free Application for Federal Student Aid (FAFSA) online at studentaid.gov.
How does student loan consolidation work?
Student loan consolidation combines multiple federal education loans into a single Direct Consolidation Loan, resulting in a single monthly payment and a fixed interest rate based on the average rate of the loans being consolidated.
Where can I get a student loan if I have bad credit?
If you have bad credit, federal student loans (Direct Subsidized and Unsubsidized) are the best option because they do not require credit checks or a co-signer. Private student loan websites often require a creditworthy co-signer to qualify for low interest rates.