Student Loan Benefit Payoff Calculator
A supplemental employer payment can save you in time and money on your student loan debt.
Enter an estimate for your employer's contribution, amount you'll be paying monthly to repay your loans, and we'll show you how much you can save in interest and time over the life of your loan.
Lets start with your current student loan information
Your Student Loan Payoff compared with and without Paidly Contributions
Making only minimum payments
You'll pay your loan off in:
With Extra Contributions
You'll be debt-free:
Saving you up to $1,846
and you will pay your loan off 5 years 5 months faster**
**Estimated savings include total SLB contributions plus estimated interest savings. Assumes extra payments are applied throughout repayment term of the loan and that you continue to make you regular monthly payments. Individual savings will vary.
What do you need to know for this calculator?
Current Loan Balance
Simply about what you have left to pay on your loan today. Often be different than your final payoff amount, which would be the amount you would need to pay the loan off today.
The monthly amount you pay on a regular interval on your student loan. Its amount is based on the amount borrowed and the length of the loan.
Your cost of borrowing money. It's calculated based on the amount borrowed and the length of the loan. Interest is added to your loan balance at regular intervals, most of the time this is monthly. This is why you'll pay more over time because it compounds. Read our How Does Student Loan Interest Work .
With a Paidly student loan benefit, you and your employer both can take advantage of tax-free contributions to your student loans. Your employer can contribute up to $5,250 till the year 2025 with the Coronavirus Aid, Relief, and Economic Security(CARES) Act of 2020 and the Coronavirus Response and Consolidated Appropriations Act (2021). Read more on from our how the CARES act could change the future of student loan repayments.
What does it mean I'll pay my loan off faster?
By continuing to make regular monthly payments to your student loan and a Student loan Benefit from your employer through Paidly. Extra payments will be paid directly to the principal of your student loan, which will have a compounding effect on lowering the balance that your interest calculates each month. Simply put, extra payments drastically change the life of your loan.