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Seven in ten college graduates in 2016 have some student loans when they graduate. So, unless you’re one of those lucky few, student loans are likely to be a part of your monthly expenses upon graduation. Fortunately, there are many student loan repayment calculators that can help ease the payoff process.

Borrowers are often unsure about what their payments will be or how long repayment will likely take. Here are three great student loan calculators for student loan borrowers to learn more about their payment and payoff options.

Top 5 student loan calculators

Credible’s student loan repayment calculator

  • Our repayment calculator lets you see how long it will take to pay off your loan.
  • Visualizes your payment over time in a graph.
  • Allows you to see how increasing your monthly payments would affect the total cost of your loan and the repayment date.
  • Also calculates the total payment, total interest, and monthly payment on your loan.

Student loan payoff calculator

  • This payoff calculator offered by NerdWallet is a very quick way for students getting a loan for the first time or borrowers who have not entered into repayment yet.
  • Allows a borrower to see how much their payment will be depending on the interest and length of the loan.
  • Once a borrower puts in his or hers loans, the amount of interest paid will be displayed. This can be very useful to help see how much you could save by refinancing.

U.S. Department of Education repayment estimator

The Department of Education’s repayment estimator shows the total amount you’ll pay back on your federal student loans in any of the government’s student loan repayment programs.

The repayment estimator can give you an idea of how much extra interest you’ll pay if you extend your repayment terms in an income-driven repayment plan like PAYE or REPAYE, and if you’ll qualify for loan forgiveness.

The repayment estimator is most accurate for evaluating the borrower’s first repayment plan. It makes assumptions about your income (that it will grow by 5 percent a year) that could prove to be off. Click here to read more about the repayment estimator’s limitations.

Student loan repayment calculator

  • Several student loan calculators offered by You Can Deal With It are focused on eliminating student debt.
  • Student loan repayment calculator that shows how much you would likely pay on various federal income-based repayment plans.
  • Has a student debt calculator that compares how long it would take to pay off your loans with current payments and with additional (prepaying) payments.
  • Other calculators include, budget calculators, interest rate calculators and student loan consolidation calculators.

Student loan consolidation calculator

  • This calculator offered by FinAid is intended to show borrowers how they can consolidate multiple loans into one loan.
  • It allows borrowers to enter in various student loan types including private loans, federal loans and PLUS loans. However, private loans can only be added to a private consolidation.
  • Consolidation calculator shows what payments and terms would be if they were consolidated into one loan.
  • Results generate repayment and estimated required income on a standard 10-year term, an extended repayment of 20 years and a graduated repayment program of 20 years.

Methods of paying off student loans

As the student loan calculators propose, there are several repayment strategies that can be adopted to help pay off your student loans faster. Seeing how prepayment can help reduce your total interest paid is one method that should be explored, if you can afford to make bigger monthly payments.

Federal loan consolidation can simplify the repayment process and is one way to adjust the length of your repayment term. Just be aware that you can’t get a lower interest rate through federal loan consolidation, so taking longer to pay off your loans may reduce your monthly payment but increase your total repayment costs.

If you are in the right financial position, refinancing federal or private loans can lower your interest rate and also allow you to adjust your repayment term. When refinancing, you can choose whether to maximize the reduction in your monthly payment by extending your repayment term, or maximizing overall savings by refinancing into a shorter-term loan.

To learn more about your student loan repayment options and how to refinance your student loans, visit Credible.

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