Student Loan Cashback Calculator
If paying down your student loan faster is one of your goals, then a student loan cashback card could be one way to pay more towards your debt. Use our student loan cashback calculator to see how this could work for you.
Published February 20, 2023
How much could you save on student loans?
This calculator is for illustrative purposes only. The estimated savings are based on values you input and the following assumptions: your currently monthly payment on your loan stays the same over the life of your loan; you make all required monthly payments on your loan; and the monthly cashback reward payment is applied as an extra payment directly to your loan principal.
If you pay less than the full credit card balance each month, you should consider interest charged against any potential savings towards your student loans.
Advantages of Paying Extra on Your Student Loans
If you’re looking at strategies for student loan debt management, one of the best ways to pay down your student loans faster is by making extra payments when you can. The more you pay each month, the sooner you can retire your debt.
Whether you decide to pay more than the minimum, use windfalls for extra payments, or schedule additional payments, you’ll want to make sure you’re specifically applying your extra payments to the principal amount of your student loan. These extra payments to your student loan principal could reduce the amount of interest you ultimately pay and save you money over the life of your loans. You can use a Laurel Road Student Loan Cashback® Card to pay more each month toward your student loans’ principal amount and make additional progress on paying down your loan balance.
Benefits of the Laurel Road Cashback Card
The Laurel Road Student Loan Cashback Card could help you do this by allowing you to redeem 2% cashback towards your student loans with 95% of U.S. servicers,1 or you can redeem 1% cashback towards anything else. Plus, as a new member, you can earn $300 in cashback rewards towards any eligible student loan after you spend $3,000 in the first 90 days.2
In addition to potentially getting out of debt faster and saving you money, the advantages of using your cashback card to make extra payments on your student loans also include helping you get closer to achieving other financial goals and milestones. For example, reducing your debt-to-income ratio (DTI) could increase your chances of qualifying for a mortgage, student loan refinancing, or personal loan.
Use our Student Loan Cashback Calculator to estimate how much you could you save on your student loans with extra payments from your cashback card. To apply for a Laurel Road Student Loan Cashback credit card online, start your application here.
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Disclaimers
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, legal, financial, or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators do not include the fees and restrictions that certain products may have. This calculator does not indicate whether you would qualify for a Laurel Road loan. Please visit the applicable banking product pages on laurelroad.com for specific terms and conditions.
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You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards. For more information visit https://www.laurelroad.com/cash-back-credit-card/#disclaimer. For Terms & Conditions and a full list of eligible loan servicers, visit laurelroad.com/faq/which-student-loan-servicers-do-you-work-with-for-the-laurel-road-student-loan-cashback-card/
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Introductory offer: For a limited time earn a cashback reward after spending $3,000 within the first 90 days of account opening. Offer is subject to change at any time. The cashback reward amount will be $300 if redeemed towards student loans with an eligible servicer. The cashback reward amount will be $150 if redeemed for statement credit. Cashback is awarded based on eligible credit card purchases. For more information, visit laurelroad.com/faq/how-do-i-get-the-introductory-offer-for-the-laurel-road-student-loan-cashback-card/.
In providing this information, neither Laurel Road nor KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.
Any third-party linked content is provided for informational purposes and should not be viewed as an endorsement by Laurel Road or KeyBank of any third-party product or service mentioned. Laurel Road’s Online Privacy Statement does not apply to third-party linked websites and you should consult the privacy disclosures of each site you visit for further information.