![]() The Student Loan Payoff Calculator makes a few assumptions, including: Plug in your own student loan numbers and see how much you can save in different scenarios. In that scenario, you’d yield a savings of $11,674 in interest over the life of the loan alone due to a lower refinancing rate and higher monthly loan payment. You’d pay off your total debt within 88 months (or about seven years) and only pay a total amount of interest of $13,229. Using the same scenario, let’s say you’re able to refinance your $75,000 debt down to a new 4.5% interest rate and continue paying $1,000 each month. You could save even more by using this student loan calculator to estimate your savings from refinancing your student loans. You’d pay off your debt two years early (in a total of 94 monthly student loan payments) and save about $5,677 in interest over the entire repayment term just by paying a little extra each month. Now, let’s say you can afford to put an additional $167 toward your student loans to give you an even $1,000 payment each month. Using the Student Loan Payoff Calculator, you can see it would take until August 2030 – a full 10 years – to pay off your student debt and result in an additional $24,903 in interest over the loan term. ![]() Pretend it's September 2020, you owe $75,000 (federal loans and/or private loans) at 6% with a 10-year standard repayment plan, and your required monthly student loan payment is $833. Let’s look at how paying your student loans off early can save you money. Plus, you can get bonuses of hundreds of dollars for applying through Student Loan Planner®. You can check to see if you could get a lower interest rate in minutes at a lender, like Earnest, below. One way to get out of debt sooner, as you can see above, is student loan refinancing. Plus, you’ll lower your debt-to-income ratio, which can be important if you’re trying to buy a home or take out a business loan, not to mention the peace of mind you’ll get from not carrying around a massive amount of debt. Borrowers can save thousands of dollars in interest and free up funds to put toward your savings and retirement plan, for example. Paying off your student loan debt as soon as possible can result in many benefits. Perks of paying off your student loans faster Please try increasing the monthly payment amount. You can get a refund if you paid back too much of your loan because you were on the wrong plan type.Note: If the calculator displays “Your monthly payment is too small,” the current monthly payment value you've entered is too small and insufficient to fully repay the loan. If it’s different from the plan in your letter, show this to your employer so they can update your payroll details. Then ask your employer which plan they have you on. If you think you’re on the wrong planĬheck which plan you’re on by signing in to your online account and downloading your ‘active plan type letter’. You’re on Plan 1, whether you studied an undergraduate course or a postgraduate course. If you applied to Student Finance Northern Ireland You’re on Plan 4, whether you studied an undergraduate course or a postgraduate course. If you applied to Student Awards Agency Scotland If you started your course before 1 September 2012 a Postgraduate Loan plan if you studied a postgraduate master’s or doctoral course.Plan 2 if you studied an undergraduate course or a Postgraduate Certificate of Education (PGCE). ![]() If you started your course on or after 1 September 2012 The repayment plan you’re on depends on when you started your course and what type of course you studied. You’ll be on a Postgraduate Loan plan if you’re studying a postgraduate master’s or doctoral course. you take out a Higher Education Short Course Loan. ![]() If you started your course between 1 September 2012 and 31 July 2023 You’ll be on Plan 2 if you take out a Higher Education Short Course Loan.
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