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Payoff Date
July 2035
9 years, 5 months from now
Time to Payoff
9 years, 5 months
Total Interest
$9,835
Total Paid
$44,835
Remaining Balance Over Time
Loan Details
Federal rates: 5.50% (undergrad), 7.05% (grad)
Extra Payments
Additional amount above minimum payment
Quick extra payment options:
Estimated Interest Saved
$3,444
By adding $100/mo to your payment
Time saved
2 years, 6 months
Monthly Payment
New Payoff Date
July 2033
Total Paid
$44,122
Minimum Payments Only
With Extra Payments
With an extra $100/month, the estimated impact is:
$3,444
Interest Saved
2 years, 6 months
Time Saved
9.2%
Effective Return
How Extra Payments Affect Student Loans
Directing payments to principal: When making extra payments, borrowers can contact their servicer to request the extra amount be applied to principal rather than advancing the due date.
Targeting high-interest balances: With multiple loans, applying extra payments to the highest interest rate first (the avalanche method) typically reduces total interest paid.
Refinancing considerations: Refinancing private loans may change the interest rate. Note that refinancing federal loans into a private loan means forgoing income-driven repayment and forgiveness options.
Autopay rate reductions: Some servicers offer a 0.25% rate reduction for enrolling in automatic payments.
About This Analysis
This calculator provides estimates based on the inputs you supply. It assumes standard amortization and does not account for taxes, insurance, PMI, prepayment penalties, or the opportunity cost of funds. Results are for informational and educational purposes only and should not be considered financial advice. Consult a qualified professional before making financial decisions.
- ·Assumes a fixed interest rate for the duration of repayment.
- ·Does not account for income-driven repayment plan recalculations or forgiveness programs.
Related Resources
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Also Consider
Quick Reference
- Average Tuition by School TypePublic in-state, out-of-state, private, community college
- 529 Plan Limits by StateContribution limits and state tax deductions
- FAFSA Income ThresholdsEFC/SAI formula basics, asset protection allowances
- Income-Driven Repayment PlansIBR, PAYE, SAVE, ICR comparison table
- Loan Forgiveness ProgramsPSLF, teacher forgiveness, IDR forgiveness timelines
- Federal Student Loan RatesCurrent rates for undergrad, grad, PLUS loans
Insights
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