🎓 Student Loan Repayment Calculator (COVID-19)
Calculate impact of payment pause
ℹ️ COVID-19 Payment Pause
During the COVID-19 pandemic, federal student loan payments were paused with 0% interest. This calculator estimates the impact of payment pause on your loan repayment timeline. Note: Payment pause programs have ended. This calculator is for reference and understanding the impact of payment pauses.
Number of months payments were paused (0% interest during pause)
How to Use This Calculator
Enter Loan Details
Input your loan amount and interest rate. These represent your student loan before the payment pause.
Enter Payment Information
Enter your monthly payment amount before the pause. This is used to calculate your original repayment timeline.
Enter Payment Pause Duration
Enter the number of months payments were paused. During the pause, interest was 0%, so no interest accrued.
Review Impact Analysis
See how the payment pause extended your repayment timeline. Since interest was 0% during the pause, the extension is simply the number of months paused.
Formula
Original Term = Months to payoff at normal payment (with interest)
During Pause: 0% interest, no payments
New Term = Original Term + Payment Pause Months
Example Calculation:
If loan $50,000, rate 6%, payment $555/month, pause 42 months:
• Original term: ~120 months (10 years)
• Payment pause: 42 months (0% interest)
• New term: 120 + 42 = 162 months (13.5 years)
• Extension: 42 months (3.5 years)
• Since interest was 0% during pause, loan balance didn't increase
About Student Loan Repayment Calculator (COVID-19)
This student loan repayment calculator helps you understand the impact of the COVID-19 payment pause on your loan repayment timeline. During the COVID-19 pandemic, federal student loan payments were paused with 0% interest, providing relief to borrowers. This calculator shows how the payment pause extended your repayment timeline. Since interest was 0% during the pause, no interest accrued, so the extension is simply the number of months payments were paused. This calculator helps you understand the impact and plan for repayment after the pause ends.
When to Use This Calculator
- Pause Impact: Understand impact of payment pause on repayment timeline
- Repayment Planning: Plan for repayment after pause ends
- Timeline Analysis: See how pause extended repayment period
- Educational: Understand payment pause effects
Understanding Payment Pause
- 0% Interest: Interest was set to 0% during pause
- No Payments: Payments were not required during pause
- No Accrual: Loan balance didn't increase during pause
- Timeline Extension: Repayment timeline extended by pause duration
Why Use Our Calculator?
- ✅ Timeline Impact: See how pause extended repayment timeline
- ✅ Planning: Plan for repayment after pause ends
- ✅ Understanding: Understand payment pause effects
- ✅ Reference: Reference for payment pause impact
- ✅ 100% Free: No registration or payment required
Frequently Asked Questions
What was the COVID-19 student loan payment pause?
The COVID-19 payment pause was a program that paused federal student loan payments and set interest rates to 0% during the pandemic. Payments were paused for approximately 42 months (March 2020 - August 2023). During this time, no payments were required and no interest accrued. The program has now ended, and payments have resumed.
How did the payment pause affect my loan?
Since interest was 0% during the pause, your loan balance didn't increase. However, since you weren't making payments, your repayment timeline was extended by the number of months payments were paused. For example, if payments were paused for 42 months, your repayment timeline is extended by 42 months (3.5 years).
Should I have made payments during the pause?
Since interest was 0% during the pause, any payments you made went 100% toward principal, which could have reduced your repayment timeline. However, payments weren't required, and many borrowers used the pause to improve their financial situation. Making payments during the pause was beneficial but not required.
What happens after the pause ends?
After the payment pause ended (August 2023), regular payments and interest resumed. Your repayment timeline was extended by the pause duration, but your loan balance didn't increase during the pause since interest was 0%. You'll resume making your regular monthly payments at your original payment amount (unless you're on an income-driven plan and recertified).