Student Loan Calculator by ilovecreatives.com
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πŸ’Έ Student Loan Calculator
by ilovecreatives
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How to use this Calculator. First, go to File > Make a Copy or Download As.

Then, fill out the cells in YELLOW and then notice the changes in the RED and GREEN cells. What most loans don't show you is how much you will be paying in interest over time and your options to pay off your debt sooner. Go forth and play! If you love, please email us at hello@ilovecreatives.com.
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Yellow: Add your information, play with the numbers! Learn what effects what. Only edit these cells.
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Red: How much interest you are paying ontop of your initial loan (aka principal)
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Green: How much you'll save!
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πŸ‘€ Current Loan Situation
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What if I have multiple loans? If you have multiple loans, for the sake of the exericse, take the average of your loan interest rate or add the highest.
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Loan Amount$40,000.00Monthly Payment$297.05
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Years20
Total Principal Paid
$40,000.00
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Interest Rate6.45%Total Interest Paid$31,077.71πŸ‘ˆπŸΌYikes?
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Paid Off2039Loan Total Cost$71,077.71
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⏳ Option 1: Incease Monthly Payment
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Less time. Less interest paid. Can you double your payments? Look at how much you'll be saving over time. What can you buy with that amount of money you saved?!
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Loan Amount
$40,000.00Monthly Payment$453.17
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Years
10
Total Principal Paid
$40,000.00
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Interest Rate
6.45%Total Interest Paid$14,166.00πŸ‘ˆπŸΌLower?
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Savings
(vs. Current Plan)
$16,911.72
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Loan Total Cost$54,166.00
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🀝 Option 2: Lower Interest Rate
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Can you find another lower interest rate option? For example, most people can get 2% annual interest in their savings. Can you convince your parents, partner, employer, or friends to loan you money and give them 2-3% instead?
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Loan Amount
$40,000.00Monthly Payment$221.84
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Years
20
Total Principal Paid
$40,000.00
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Interest Rate
3.00%Total Interest Paid$13,141.37πŸ‘ˆπŸΌBetter?
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Savings
(vs. Current Plan)
$17,936.34
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Loan Total Cost$53,141.37
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✨ Option 3: Combo
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What about both options? Can you increase your monthly payments AND get a loan from a friend or family?
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Loan Amount
$40,000.00Monthly Payment$386.24
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Years
10
Total Principal Paid
$39,614.72
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Interest Rate
3.00%Total Interest Paid$6,248.19πŸ‘ˆπŸΌAmazing?!
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Savings
(vs. Current Plan)
$24,829.52
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Loan Total Cost$45,862.91
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