Plan your education debt repayment strategy
Banner Ad Space (728x90)
This calculator uses the standard amortization formula to determine your student loan repayment schedule:
Making extra payments can significantly reduce your total interest paid and shorten your loan term. Even small additional payments applied to principal can make a big difference over time.
Manage your student debt better with these carefully selected resources:
Lower your interest rate and reduce monthly payments through refinancing options.
Learn MoreExplore government programs that may forgive part or all of your student debt.
Learn MoreExpert guides to help you create a strategy for paying off student loans faster.
Learn MoreStudent loan interest is typically calculated using a simple daily interest formula: (Current Principal Balance × Interest Rate) ÷ Number of Days in Year. For most federal student loans, interest accrues daily from the date of disbursement.
Subsidized loans are need-based and the government pays the interest while you're in school at least half-time, during the grace period, and during deferment. Unsubsidized loans are not need-based and interest accrues from the time the loan is disbursed.
Making extra payments can save you money on interest and help you pay off your loans faster. However, consider your overall financial situation first - ensure you have an emergency fund and are addressing any higher-interest debt before making extra student loan payments.
Federal student loans offer several repayment plans: Standard Repayment (10 years), Graduated Repayment, Extended Repayment, and Income-Driven Repayment plans (IBR, PAYE, REPAYE, ICR) which cap payments at a percentage of your discretionary income.
Yes, several forgiveness programs exist: Public Service Loan Forgiveness (PSLF) after 120 qualifying payments while working for a qualifying employer, Teacher Loan Forgiveness, Income-Driven Repayment forgiveness after 20-25 years of payments, and closed school discharge.
Bottom Banner Ad Space (728x90)