Payoff Student Loans Faster
Here is a great student loan calculator from Dave Ramsey's website and some great tips on how to use this calculator and to inspire you to get this debt paid off faster so you don't live with this debt for 20+ years.
https://www.ramseysolutions.com/debt/student-loan-payoff-calculator?fbclid=IwAR0pw2px87ktaB31s0RF4Xu3RIb9HAle3AxkL0j32Wm3FCjHWsSBM7bkmuw
This calculator shows you how quickly you can pay off your student loans. By calculating the impact of extra payments, you can learn how to save money on the total amount of interest you'll pay over time.
Want to Pay Off Your Student Loans Early?
Use the Extra Payments functionality to find out how to shorten your loan term and save money on interest by paying extra toward your loan's principal each month.
Understanding Your Student Loan Payment
Your student loan payment is defined as your principal and interest payment. When you pay extra on your principal balance, you reduce the amount of your loan and save money on interest.
Making Additional Student Loan Payments
Get creative and find more ways to make additional payments on your student loans. Making extra payments on the principal balance will help you pay off your student loan debt faster and save on interest. Use our free budgeting tool, EveryDollar, to see how extra payments fit into your budget.
Calculate Different Scenarios
See how early you’ll pay off your student loans and how much interest you’ll save. Let's say you have $35,000 in student loan debt with monthly payments of $360 at 4.5% interest on a 10-year repayment plan. By making an additional $325 payment toward the principal every month, you'll save over $4,688 in interest and pay off your student loans 5.4 years sooner!
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