Enter the balance and interest rate for each of your loans below.
| Loan # | Balance ($) | Interest Rate (%) | Action |
|---|
Total Loan Balance: $0
Weighted Avg Interest Rate: 0%
Starting Monthly Interest: $0
(Enter up to 3 repayment periods (in years) to determine your monthly payment)
| Repayment Period (Years) | Monthly Payment ($) | Starting Monthly Interest ($) | Total Principal ($) | Total Interest Paid ($) | Total Paid ($) |
|---|
Enter up to 3 monthly payments to determine how quickly you can pay your loans.
| Monthly Payment ($) | Repayment Period (Years) | Starting Monthly Interest ($) | Total Principal Paid ($) | Total Interest Paid ($) | Total Paid ($) |
|---|
Starting Monthly Interest = the amount of interest that will accrue on the debt before you start making additional payments. If your monthly payment is less than this amount, you will never pay the debt off.
Repayment periods in traditional payment plans for federal loans range from 10–30 years, depending on your balance.
If you don’t think you can afford monthly payments even with extended repayment periods and you have federal loans, explore Income-Driven Repayment (IDR) plans as an alternative.
If you think it will take longer than 10 years to repay your debt and you have federal loans, explore forgiveness options. Forgiveness programs will generally require enrolling in an Income-Driven Repayment (IDR) plan.
If you have private student loans or are not pursuing forgiveness in the federal system and your strategy is to pay your debt in full, remember that the faster you pay, the less interest you will pay in total. Pay as much as you can afford monthly to reduce the total amount you will pay over the life of the loan!