The student loan refinance advice will help you get the maximum benefits from refinancing. The plan is designed to help you get the maximum payment amount (the original loan amount) while still paying only interest on the principal.

Here’s a recap of the plan. If you make a payment of at least 10% of your income, you’ll pay back the loan in full. If your loan balance is larger than the amount of your annual payments, you will pay off the remainder of your loan amount over time.

The Student Loan Refinancing Calculator provides details about student loan repayment.

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This tool can’t predict what your monthly payment amount will be after you’ve made one or two payments, so don’t use it to make decisions about how much to make or pay. It just gives you an idea of what your monthly payment might be.

For further information on the loan-to-value (LTV) formula and the effect of compounding interest, see the student loan repayment calculator or browse around here.

Note: There are two versions of the student loan repayment calculator: the one you see above, and the one that is designed to save you time and give you more control over your debt. You can learn more about how to use the student loan repayment calculator by visiting the About the Student Loan Refinance Calculator page.

What’s the interest rate and what’s it calculated for?

It’s important to understand that the interest rate on your student loan is not the same as the interest rate of the loan itself. Instead, it reflects the price your lender charges you for the privilege of buying this loan (you don’t pay this price, the government does).

How long does it take to repay your loan?

The chart below shows the average time it takes to pay off your student loans over a five-year period. We chose five years because it is roughly comparable to the number of years it takes to complete your degree, and because it gives you an idea of how long you need to have gone through a range of repayment options to reach the current payment amount.

If you have less than 5 years left to pay off your loans, the illustration above shows that your monthly payment amount increases. However, if you have 5 years or more to pay them off, the amount of your monthly payments decreases over time.

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