Women of Medicine

Student Loan

Create a student loan repayment strategy that is right for you. One of the most important steps towards financial freedom is figuring out your monthly loan payments, how long it will take for you to repay the entire loan, and how to minimize the overall interest you will pay over time.

How to use the Student Loan Calculator: 

    1. Loan balance – this is your current remaining loan balance. If you have more than one student loan type, such as federal vs. private, you will need to enter them separately with the corresponding interest rate. 
    2. Remaining Loan Term (years) – enter the number of years remaining on the loan. This depends on the repayment plan you selected upon graduation (for federal) and/or when finalizing a private loan.
    3. Interest Rate (%) – enter the precise interest rate on your loan. The exact number is very important because even a slight difference can make a huge impact in terms of total dollars paid on the life of the loan.
    4. Monthly Payment – this is the estimated amount you would pay monthly after you’ve entered your student loan information. This allows you to also consider making extra monthly payments towards the loan’s principal balance.