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

**Student Loan Payoff Calculator: Top Four Free Student Loan Calculators.**

Student Loan Payoff Calculator: If you have student loans and need a plan of action to repay them, a student loan calculator should be your first step. There are more than 44 million student loan borrowers who collectively owe more than $1.4 trillion in student loans, according to the personal finance comparison site Make Lemonade. The average student in the 2016 class has a student debt of $37,172.

Here are the top four free student loan calculators that can help you understand the true cost of your student loans and develop a plan of action to 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, 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 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.

**Read Also:**

**Private Student Loans and method of Application****Prosper Personal Loans 2020 Updates****Nelnet Student Loan****Scholarships for Low Income Students 2020****Getting the Best Student Loans Without a Cosigner**

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

This Student Loan Consolidation vs. Student Loan Refinancing Calculator contrasts which choice-a 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 would 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 of 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, 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.

Here’s the time and money for various lump sum payment sums you can save:

**$500 Lump Sum Payment:** You would save $352 and pay off your student loans two months earlier.

**$1,000 Lump Sum Payment:** You would save $697 and pay off your student loans four months earlier.

**$5,000 Lump Sum Payment:** You would save $3,236 and pay off your student loans 15 months earlier.

**$10,000 Lump Sum Payment*** :* You would save $5,904 and pay off your student loans 29 months earlier.