For example, if you are on a 10 year standard repayment plan, the prepayment calculator will allow you to say you want to pay off your student loans in 7 years, for example. The second choice is you can choose the number of years that you want to pay off your student loans. This incremental amount is the amount you want to prepay. You can enter any amount of money you would like to add to your monthly payment. The first choice you can make a higher monthly payment, such as $100 per month. For the prepayment amount, you have two choices. Your current monthly payment will be calculated automatically. To calculate the weighted average interest rate, you can use this weighted average interest rate calculator. If you have multiple student loans, you can enter the total balance and the weighted average interest rate. Enter your student loan balance, average interest rate.
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