GuidesDebt1 min
A student loan as one row
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This guide
Each loan you want in the month needs its own balance, rate, and payment. Income-driven plans that change the payment are not modeled.
One servicer can be several loans
If the rates differ, use separate rows. A single blended rate will mistime the interest. If you only know the combined payment, you can use one row, and the date will follow that blend.
The name on each row is what the month will list.
A flat payment
The calculator keeps the payment you typed. It does not recast the payment when the balance falls, and it does not apply forgiveness or a pause.
A payment that does not cover interest will not get a payoff date. That can be true of a very low income-driven payment. The screen will say so instead of pretending the loan ends.
Extra is still shared
Any extra monthly amount is split by the minimums across every debt in the list, not only across the student loans. A large student-loan payment will absorb most of the extra.
To aim the extra at one loan, increase that row’s payment and set extra to zero.
This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.
More in Debt
- Naming a debt so the date is readableThe household month prints each debt’s name next to its payoff. Specific names keep those lines distinct.
- Total paid versus the balanceTotal paid is the balance plus the interest. The gap between them is the cost of paying on that schedule.
- Why a high rate still needs its minimumEvery row keeps its minimum. The extra is shared. A high rate does not automatically receive the whole extra.