How Extra Student Loan Payments Work
When making extra payments on federal or private student loans, specify that the extra amount be applied directly to principal balancerather than advancing the next month's due date.
100% Local & Private Computation
Student Loan Payoff Calculator
Student loan interest accrues daily on remaining principal. Putting extra monthly payments toward principal reduces compound daily interest, accelerating your path to becoming student-debt free.
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Student Loan Parameters
100% Client-sideEstimated Student Loan Savings
$4,035in interest saved
Time Saved3 yrs 5 mos
New Payoff Term6 yrs 7 mos
Base Monthly$385/mo
Student Debt Payoff Summary
Standard Interest
$11,208
With Extra Payment
$7,173
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