Ever wondered what an extra $10, $20 or $50 a month would mean to the repayment term and interest paid on your student loans? We have created a tool for you to get a visual representation of what those extra payments can do to your interest and repayment term on your loans!
Here is an example to show you how useful this new repayment calculator is: a starting loan balance of $25,000 at a 6.8% annual interest rate; the total interest to be repaid after 10 years (Standard Payment) is $9,524.
Now, click on the "Want to reduce the interest on your loan?" button to start adjusting the additional monthly payments on the loan. In our example, we are going to add only $10 a month to see how it will affect the total interest.
An extra $10 a month shaves off half a year in payments! Plus, you will have saved an estimated $487.96 in interest. I know you can think of a few things you would rather spend that money on (plus those 6 payments of $297.70 you won't have to make either)!
Go ahead and give the new Loan Repayment Calculator a try!