Student Loan Payoff Calculator

How It Works

By adding just a bit to your monthly student loan payment, you can greatly reduce the time it takes to pay off the loan as well as lessen the amount you pay in interest. This calculator will demonstrate how much time and money you can save by adding a certain amount to your payment each month.

First, enter the balance of your student loans under Loan Balance. Next, adjust the Loan Term and Interest Rate sliders to fit your student loans. Finally, adjust the Added Monthly Amt slider to an amount you can pay each month in addition to the minimum payment.

Federal Student Loan Payments Suspended Temporarily

The CARES Act included an automatic suspension of principal and interest payments to federal student loans through September 30, 2020—this includes Direct, PLUS, and consolidated Direct loans.

Unpaid interest will not be capitalized and added to the unpaid principal. Any payments made during the suspension will go entirely to the principal of your loan.

Disclaimer

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.

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