Student Loan Calculator

How to plan student loan repayment

1. Enter the balance, the interest rate and the repayment term.
2. Add an extra monthly payment to see the effect of paying it off early.
3. Compare the months and interest saved.

Frequently asked questions

Does it cover income-driven repayment plans?

No. It works out a standard fixed payment. Income-driven plans depend on your income and family size.

How is the monthly payment worked out?

As a fixed payment that clears the balance and the interest over the term, the same formula used for other amortizing loans.

Why does a small extra payment save so much?

Extra payments go straight to the balance, so they stop interest from building on that amount for the rest of the loan.