Snippet: How to Pay off Your Student Loans in 5 Years

Kudos to you for checking out this snippet!  Excel can be a major bore, but this is an easy one – short and sweet!

On my linked post, we used this spreadsheet to figure out our monthly payment in order to pay off our student loan in 5 years:

Student Loan Amortization Table

Using Excel, you can quickly calculate a monthly payment using the =pmt() function.  In this case our formula looks like =PMT(0.045/12,60,37000), which will give you a result of approximately $689 per month. Alternatively, you can do this the hard way by preparing an amortization table like I did.  Click here to download my Excel workbook.

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