4/22/2024 0 Comments Student loan payoff calculatorYou’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. 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.
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