Offer Tax-free Student Loan Benefits

Benefit Calculator

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

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Your Student Loan Payoff compared with and without Paidly Contributions

With Only Current remaining balance

You'll pay

$7,200

In interest over the remaining life of your loan

You'll pay your loan off in 10 years

With Employer/Paidly Contributions

You'll pay

$3,300

In interest over the remaining life of your loan

Saving you up to $3,900

and you will pay your loan off 5 years 5 months faster**

Keep in mind, these are estimates
*Data based on entered loan values
**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.

Monthly Payment

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.

Interest rate

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 .

Paidly Contribution

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.

My Employer does not offer a Paidly student loan benefit what can I do?

Simply mention this benefit to your HR or benefits manager or