Question 1

How is a student loan payment calculated?

Accepted Answer

It amortizes the balance over the term at the loan's rate, interest first, then principal. Enter yours above for the payment and total interest.

Question 2

Do extra payments help on student loans?

Accepted Answer

Yes, extra goes to principal, shortening the term and cutting interest. Confirm the servicer applies it to principal.

Question 3

What about income-driven repayment or forgiveness?

Accepted Answer

Federal loans offer income-driven plans and forgiveness this standard calculation doesn't model. Weigh those against a faster payoff.

Can I Pay Back My Student Loans?