Your student loan payment each month depends on several factors, including your principal balance, your interest rate and your student loan repayment plan. The standard repayment plan is 10 years. However, there are several federal student loan repayment plans such as income-based repayment (IBR) plans that allow you to pay a lower amount each month based on your income.

You can determine how much you will pay in student loans each month with this free student loan payment calculator. This payment calculator for student loans shows you how much you will pay each month and overall and calculates the answer for your automatically.

For example, let’s assume that you have $50,000 in student loans at an 8% interest rate with a 10-year standard repayment term.

Based on this payment calculator for student loans, you would pay $607 per month, and you would pay a total of $72,797 over the term of your student loan.

The standard repayment plan to pay off your federal student loans is 10 years. The standard repayment plan for private student loans typically varies from 5-20 years. However, you can pay off your student loans as quickly or as slowly as you can. Why? Unlike some mortgages, there is no prepayment penalty to pay off your student loans early.

A student loan prepayment calculator is an ideal tool to show you how you can prepay your student loans, and save money in the process.

For example, let’s assume that you have $50,000 in student loans at an 8% interest rate with a 10-year standard repayment term.

Based on this student loan prepay calculator, you would pay $607 per month, and you would pay a total of $72,797 over the term of your student loan.

Now, let’s assume that you increase your payment by only $100 per month. You would save $4,923 over the life of your loan, and you would pay off your student loans 1.99 years earlier.

Yes, you can prepay your student loans because there is no prepayment penalty. Unlike some mortgages, you can pay off your student loans at any time without incurring any fees.

To see how much money you will save when you prepay your student loans, you should use a student loan prepay calculator.

No, there is no penalty to prepay your student loans. Whether you have federal student loans or private student loans, or both, there is no prepayment penalty to pay off your student loans early.

A student loan prepayment calculator shows you how much money you can save when you prepay your student loans. A prepayment calculator also breaks down how much you can save each month and in total.

Here is how a prepayment calculator for student loans works:

The smartest way to prepay student loans is to pay off your student loan debt with two strategies. The good news is that student loans do not have prepayment penalties so it will not cost you to pay off your student loans early.

The first prepayment strategy is a lump-sum prepayment. With a lump-sum prepayment, you can make a one-time payment of any amount. The benefit of this strategy is that the lump-sum amount will directly reduce your principal loan balance.

The second prepayment strategy is to increase your monthly payment. That may sound counter-intuitive and expensive, but it will save you money in the long-run. Why? Student loan prepayment is all about reducing your principal balance and saving interest. This student loan prepayment calculator shows you how to save money when you prepay student loans.