“Student loan interest isn't that much”—we've listed the monthly repayment amounts and total interest based on balance, interest rate, and duration [Student Loan Repayment …

The interest rate for Type 2 student loans is about 1-3% per year, which looks low compared to the 15-18% annual rate for card loans. However, student loans involve large borrowing amounts and long repayment periods. Even with a low interest rate, the total interest can reach hundreds of thousands of yen.

Moreover, the interest rate for Type 2 loans is determined in the month the loan period ends, and it has been rising over the past year or two.

In yesterday’s free article, I organized the points about prioritizing higher-interest debt with any surplus money, the fact that delaying monthly repayments leads to late fees and credit information registration, and the “reduced repayment” and “deferment” options for when you might be unable to pay. In this article, I will provide a quick reference table where you can see your monthly repayment amount and total interest based on your own balance and interest rate.

I will show you one row from the quick reference table first.

Repaying 3 million yen over 20 years (author’s estimate)

• 1% per year: 13,797 yen/month, 311,100 yen in interest

• 2% per year: 15,177 yen/month, 642,181 yen in interest

• 3% per year: 16,638 yen/month, 992,929 yen in interest

This row is also listed for cases of 1 million and 2 million yen, and for 10-year and 15-year repayment periods.

In the paid section ahead, you can read the following:

• A quick reference table where you can see the monthly repayment amount and total interest when repaid over 10, 15, or 20 years based on your own balance (1 million, 2 million, 3 million yen) and interest rate (1%, 2%, 3% per year)