Student Loan Refinance Calculator – Want to pay off your student loans faster? With our student loan repayment calculator, you can see how quickly you can be out of student debt!
This calculator also doubles as an additional student loan payment calculator, so you can see how long it will take you to pay off your student loans by adding additional payments, paying off your student loans, or both!
Student Loan Refinance Calculator
What is your interest rate?(%) Enter the average interest rate for all of your current student loans.
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Additional payment Add an additional payment on top of your monthly payment. If you do not pay an additional fee, enter “0”.
Want to see what happens when you repeat? Select “Yes” if you would like to consider refinancing your student loan at a lower interest rate. If not, select “No”.
Interest rate you want to earn by refinancing (%) Enter the interest rate you want to earn if you can’t refinance your student loan. Please note that this does not guarantee prices. For current interest rates available from lenders, see the table below.
Note: If the calculator shows “Your monthly payment is too low”, the current monthly payment amount you entered is too low and not enough to pay off the loan in full. Please try to increase the monthly payment amount.
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Paying off your student loan debt quickly can lead to many benefits. Borrowers can save thousands of dollars in interest and free up funds for your savings and retirement plans, for example.
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 lot of cash. debt.
You can check below to see if you can get the lowest interest rate in minutes from lenders like Earnest. Plus, you can get hundreds of dollars in bonuses by signing up with Student Loan Planner®.
Let’s take a look at how paying off your student loans early can save you money. Let’s say it’s September 2020, you owe $75,000 (federal loan and/or private loan) at 6% with a 10-year standard payment plan, and your required student loan payment is $833.
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Using the Student Loan Repayment Calculator, you can see that it will take until August 2030 – a full 10 years – to pay off your student loan and generate an additional $24,903 in interest over the life of the loan.
Now, let’s put another $167 toward the student loan to give you $1,000 a month. You’ll pay off your debt two years early (a total of 94 monthly student loan payments) and save about $5,677 in interest over the entire repayment period by making fewer payments each month.
You can save even more by using this student loan calculator to estimate your savings on student loan financing.
Using the same scenario, let’s say you can refinance your $75,000 loan at a new 4.5% interest rate and continue to pay $1,000 each month.
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You’ll pay off the entire loan in 88 months (or about seven years) and pay just $13,229 in interest in that case, saving you $11,674 in interest over your lifetime. personal loan due to low repayment rate and high monthly loan repayment.
4. Divide the total weighted factor for each loan by the total loan amount. Then multiply by 100 to get the average weight.
This calculator is for informational purposes only. It should be used to estimate how much you can save in different situations. It does not guarantee prices, payment options, savings or other information.
As you explore different ways to manage your debt payments and budget, it’s common to have a lot of questions. Immediately answer one of the if and how questions and get the information you need to make an educated decision. Here are answers to frequently asked questions about paying off student loans.
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I entered my monthly payment and the calculator said, “Your monthly payment is too low.” How do I fix this?
If you have entered your monthly payment and are still receiving this message, it is because your monthly payment is too low to cover the loan. If monthly payments do not include accrued interest, your loan balance increases instead of decreasing. This is called negative depreciation.
To use this calculator in this situation, try increasing the monthly payment amount until the error disappears. You can then check the additional payment amounts and see the total payment required by adding the monthly payment amount and the additional payment amount together.
Paying off your student loans early can save you money, but it’s not the best option for everyone. As a general rule, consider paying extra if your debt-to-income (DTI) ratio is less than 1.5 to 1.0 and you earn at least $50,000 a year. If you owe more than 1.5 times your salary, you can earn more by using an Income Driven Repayment (IDR) plan that offers loan forgiveness.
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Yes. There are no prepayment penalties for federal or private student loans. But you may have trouble getting into prepayment status if you’re in a student loan program.
Prepayment status can affect which payments count as payments that qualify for loan forgiveness. If you plan to make additional payments, contact your loan provider immediately to ensure that your correct payments are correctly applied to your loan forgiveness application.
There are many strategies you can use to pay off your student loans faster. You can pay off your loan at a lower interest rate or make bi-weekly payments equivalent to 13 monthly student loan payments per year. Or you can pay as much as you can each month by shaking up or reducing your expenses.
The number of payments required to qualify for student loan forgiveness depends on your student loan repayment plan. If you claim Public Service Loan Forgiveness (PSLF), your loan balance is forgiven tax-free after 120 qualifying monthly payments; while the IDR plan offers forgiveness after 20 to 25 years of qualifying payments.
Current Student Loan Refinance Interest Rates
If you’d like a personal copy of our most powerful student loan calculator, enter your name and email below and we’ll send it to you to see how much money you could save.
Life is better when you know what to do with your student loans. Schedule a one-hour consultation with a consultant today. The Future Will Thank You Imagine 10 different students graduated with $50,000 in student loans. There is a strong possibility that each of these borrowers will pay a different amount over the life of their loan. In fact, the total cost can vary by thousands of dollars from one degree to another.
What gives? In most cases, this difference will be one important factor – how much student loan interest is on the debt. That’s why reducing student loan interest is one of the best ways to save on student loans. This student loan interest calculator will show you how much you can save.
Over the life of your loan, you will pay 16,155 in student loan interest and 35,000 in principal.
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Student loan interest is calculated by first determining the borrower’s daily interest rate. To find your daily interest rate, divide the annual interest rate by 365. This is what it would look like at 6% interest.
Then multiply your daily interest rate by your student loan balance to find your daily interest expense. Here’s how to calculate the daily interest expense on a $50,000 loan amount.
Here it is. As long as your student loan balance is $50,000, you’ll earn $8 in interest per day or $240 per month.
When you take out a student loan, the lender calculates how much interest you will pay over the life of the loan (if it is paid as agreed). This interest amount is reflected in your fixed monthly payment.
Focus On Refinancing Your Student Loans
Like most installment loans that follow an amortization schedule, most of your payments initially go toward interest. As you pay down your balance, a larger percentage of each payment goes toward the principal.
Wondering how to use a student loan interest calculator to find savings opportunities? Here are two ways we can help you.
Another way to save on interest costs is to pay more towards the principal. To see how much you can save with this strategy, first use a calculator to determine how much interest you can pay at current interest rates.
For example, let’s say you have a balance of $50,000 with an interest rate of 6.5% and a monthly payment of $570. If so, you’ll start out paying $150 in interest per month and end up paying $18,000 in total interest.
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But what if you decided to increase your monthly payment by just $130 to $700 per month? If so, you’ll reduce your interest expense to $13,395.