The Student Loan Payoff Map

List every loan on its own line, see what each charges in interest, and send each extra dollar where it saves the most

FeePress's calculators each work one loan at one rate, and most borrowers owe several, at several rates. Typed into a calculator as one total at their plain average rate, four example loans totaling $30,000 look $246.25 cheaper over 10 years than they are, and the total cannot say which loan an extra dollar should go to. The Student Loan Payoff Map puts every loan on its own line, checks each payment covers its interest (a payment that does not gets no payoff date), prices what unpaid interest costs once it is added to the balance, and turns next year's loan into the monthly payment it adds before it is signed. Then it orders the extra: on the example loans the same $100 a month saves $3,765.61 on the highest rate first and $3,037.25 on the smallest balance first, and a statement log checks the extra landed where you sent it. It is arithmetic and organization only: it recommends no lender, refinancing product or investment, and it states no federal program's rules or rates, which change often; program questions go to studentaid.gov and your loan servicer. The worked figures are examples. Included: 24 printable pages with seven steps, four working pages, a payment table and a quickstart, plus a personalised sheet worked from the numbers you enter in our calculators.

What’s inside

The full contents of The Student Loan Payoff Map: map what you owe, pay it down in order, and the working pages

Step 1, The One Line Per Loan Rule: list every loan with its own balance, rate and payment instead of one total at an average rate

The One Line Per Loan Rule: every loan listed with its own balance, rate and payment, and what a single total at an average rate gets wrong
The Interest First Rule: interest per day and per month for each loan, and no payoff date for a payment that does not cover it
The Capitalization Rule: what unpaid interest costs once it is added to the balance, and the two questions to ask your servicer
The Borrow the Gap Rule: next year's full cost less gift aid, the family's share and work-study, priced as a monthly payment before you sign
The Highest Rate First Rule: the extra sent to the highest rate, compared with smallest balance first and spreading it
The Steady Extra Rule: a ladder of monthly extras, with the months and interest each one saves
The Statement Check Rule: the principal each payment should retire at daily interest, and a written instruction for the extra
Printable working pages: a loan inventory, a payoff order worksheet, a statement log and a before-you-borrow worksheet
A payment table per $1,000 borrowed at a range of rates and terms, and a quickstart
A personalised sheet worked from the numbers you enter in our calculators

Plus a second PDF, worked out for you

Run one of the free calculators first and buy from that page, and this sheet is computed from your own figures. Buy from here and the pack still arrives complete — the sheet simply has no numbers of yours to work from yet.

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