# Student Loan Payoff Calculator: Top Four Free Student Loan Calculators

**If you have student loans and need a plan of action to repay them, a student loan payoff calculator should be your first step. We are about to show you why. Let’s Dive in!**

There are more than 44 million student loan borrowers who collectively owe more than $1.4 trillion in student loans, based on our research findings.

**Student Loan Payoff Calculator**

Using a student loan calculator can help you create a student loan repayment strategy that’s right for you.

With some basic information about your existing or prospective student loan, the student loan calculator shows you the monthly loan payment you can expect, how long it’ll take you to repay your entire loan, and how much interest you’ll pay overall.

**Top Four Free Student Loan Calculators**

Here are the top four free student loan calculators that can help you understand the true cost of your student loans and also help you pay-off your student loans more quickly.

**1. Student Loan Refinancing Calculator**

The Student Loan Refinancing Calculator shows you, by refinancing your student loans, how much money you can save.

For student loan refinancing, you can merge your current federal student loans and private student loans with a lower interest rate and lower monthly payment into a new student loan.

You will need a proven history of financial responsibility to apply for student loan refinancing, be currently employed, and have a strong credit score and a steady monthly income.

The refinancing calculator for student loans lets you measure your new monthly payment as well as your total interest savings.

**Example:** Let’s assume you have $100,000 of student loan debt, an 8% average interest rate, and 10 years remaining on your loan term. With student loan refinancing, let’s assume you qualify for a 3% interest rate, and choose a 10-year loan term.

**Result:** With student loan refinancing, you can lower your monthly payment by $248 per month and save $29,720.

**2. Student Loan Prepayment Calculator**

This Student Loan Prepayment Calculator shows how much time and money you can save by making additional monthly loan payments to students.

There are two ways to use this prepaid loan calculator for students.

One option is to make a monthly payment for an additional student loan. The other choice is to pick a pay-out date, and this prepaid student loan calculator will tell you how much your monthly student loan payment would have to be to reach this target date.

**Example*** :* Let’s assume you have $30,000 of student loan debt, a 6% average interest rate, and a $333 per month student loan payment. Now, let’s assume you pay an extra $100 per month on your student loan, for a total of $433 per month.

**Result –** **Extra Payment:** With only a $100 per month extra payment on your student loans, you would save $3,048 and pay off your student loans 2.83 years earlier.

**Result – Remaining Term:** If your goal is to pay off your student loans in 5 years (rather than 10 years), you would need to pay $255 extra per month, and you would save $5,253 in interest.

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**3. Student Loan Consolidation vs Student Refinancing Calculator**

This Student Loan Consolidation vs. Student Loan Refinancing Calculator contrasts which choice Federal Government Direct Consolidation Loan or a Private Lender Student Loan Refinancing-saves you more time and money.

**Example:** Suppose you have a student loan debt of $50,000, an average interest rate of 6.7 percent, and a loan term of 10 years. With the refinancing of student loans, let’s say that you qualify for an interest rate of 3 percent and choose a loan term of 10 years.

**Result: Current Student Loans:** If you keep your current student loans, you will pay $68,733 and repay your student loans in September 2027.

**Result: Direct Consolidation Loan:** You will pay $103,637 and repay your student loans in October 2042 if you convert your existing federal student loans into a Direct Consolidation Loan.

That balance is due to the fact that restructuring federal student loans does not lower the interest rate.

Alternatively, a Direct Consolidation Loan has an interest rate equal to the weighted average interest rate of your current student loan, rounded up to the nearest 1/8%.

**Result – Student Loan Refinancing:** With student loan refinancing, you would pay $57,936 and repay your student loans in October 2027.

**Bottom Line:** Compared to federal student loan consolidation, you could save $45,700 ($381/month) with student loan refinancing.

**4. Lump Sum Extra Student Loan Calculator**

Use this Lump Sum Bonus Payment Calculator if you want to make a one-time lump sum payment on your student loans.

Whether you’ve received a bonus, tax refund, or inheritance, or just want to pay off your student loans early, making a lump sum payment can be an intelligent move.

**Example:** Suppose you have a student loan debt of $50,000, an average interest rate of 6 percent, and a student loan payment of $555 a month.

You will pay $66,617 and repay the student loans in October 2027 if you make regular student loan payments for 10 years.

**How Long Will It Take to Pay Off Your Student Loans?**

Plug your student loan information into the student loan calculator (you can enter more than one loan at a time) to get your current debt-free date. This is when you’ll pay off your student loans if you keep making only the minimum payments.

We’re not going to lie—it can be a little depressing to see that date, especially if you’ve got a long way to go. But don’t stop there!

If you have multiple student loans, you’ll also see how much faster you can pay them all off by using the debt snowball method. This plan gives you serious momentum. Plus, it can save you a ton of interest!

But you’re not done yet! Add an extra monthly payment to boost your progress even more. Once you see how much sooner you can be debt-free, you’ll be ready to attack those student loans with everything you’ve got!

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Make sure to utilize this vital resource when looking for answers concerning a student loan payoff calculator. It will serve you all the answers you need. Good luck!