Student Loan Payoff Calculator Definition
We all know that student loans are stressful to pay off. This student loan payoff calculator will help you calculate how many years and months it will take to pay off your student loan and how much interest you have paid over the time of the loan.
With a few simple steps, this student loan payoff calculator will give you valuable information on paying off your student loan(s). It will take less than 5 minutes to figure your payoff period.Enter in your total student loan amount first.
Then enter your monthly payments made on your student loan.
Finally add in your percentage rate of your student loan. NOTE: You can add in a whole or decimal number here.
After these few short steps, click CALCULATE and your amount of time for paying off your student loan will appear in the box PAYOFF PERIOD below the calculate button. This will appear in years and months. The interest that you paid over the time of your student loan will also be shown in the bottom box named INTEREST PAID in US Dollars. After reviewing your student loan payoff calculator and seeing the amount of time it will take to pay off a loan, it may boost your priorities to pay a little more each month to have that loan disappear even just a few months earlier. We hope this Student Loan Payoff Calculator served its purpose, if not, please do let us know.