My Student Loan Payment Timeline

I use ReadyforZero as an aid to help me visualize how my monthly loan payments will affect my overall student loan debt. In my previous posts, I mentioned that I have a total of 3 student loans: 1 with Navient and 2 with Sofi (both of which are managed by a loan servicer named MOHELA).

As you can see from the illustrations, I am paying $1800/month towards my student loans. I am set to pay off my Navient student loans by late 2018 and my SoFi (MOHELA) loans by late 2022.

I messed around with the calculator to see if I could save more money by increasing my monthly payments. After playing around with the numbers, it just didn’t seem like I would be saving a significant amount of money.


Even at $2400/month, at the end of the term, I would save $4,245 and would pay off my entire debt by 2020. The $4,000 savings isn’t really an enticing number, so I think I’ll just pocket the $600 and put it towards an index savings fund. Maybe the returns I get from that will be greater than the savings I get from increasing my monthly payment.