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🎓 Student Loan Calculator
Plan your debt strategy, compare repayment plans, and find the fastest path to debt freedom
Loan Information
Total amount borrowed
Annual interest rate
Repayment period
Additional payment to reduce debt faster
Affects repayment options
Payment structure
Results Summary
$0
Monthly Payment
0 months
Payoff Time
$0
Total Interest
$0
Total Amount Paid
Formula: Monthly Payment = P × (r(1+r)^n) / ((1+r)^n - 1)
P = Principal, r = Monthly Rate, n = Total Payments
P = Principal, r = Monthly Rate, n = Total Payments
Quick Insights
💡 Key Insight:
Adding extra payments can significantly reduce interest costs
Adding extra payments can significantly reduce interest costs
📊 Debt Ratio:
0.00% of your loan amount goes to interest
0.00% of your loan amount goes to interest
🎯 Repayment Strategy:
Standard plan offers fastest payoff
Standard plan offers fastest payoff
⏰ Time Value:
Calculate to see payoff timeline
Calculate to see payoff timeline
Yearly Breakdown
| Year | Principal Paid | Interest Paid | Total Paid | Remaining Balance |
|---|
💡 Understanding Student Loan Repayment
Federal vs Private Loans
Federal loans offer more flexible repayment options, including income-driven plans, loan forgiveness programs, and deferment/forbearance options.
Private loans typically have fewer repayment options but may offer lower interest rates for borrowers with excellent credit.
Repayment Strategies
Debt Avalanche: Pay extra on loans with the highest interest rates first to minimize total interest costs.
Debt Snowball: Pay off the smallest loans first for quick wins and motivation to continue.