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.
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