Loan interest adds up and can impact the amount you’re able to pay on your student loan principal. This calculator shows how much interest you’re being charged on your student loan since your last payment.
You can also use it to estimate how much of your monthly loan payment goes to pay interest (enter ’30’ in “Number of days since last payment”). Any remaining payment amount goes toward your loan principal. The sooner you pay down the principal, the less interest you pay in total, and the faster your loan is paid off**.
**Whenever you can, pay extra on your loan principal; even a little can make a difference. Be sure to notify your lender that you want the extra contribution to apply to the principal balance. If you don’t, they may apply it to future interest payments while continuing to charge interest on the remaining principal.