Student Loan Payoff Calculator
Calculate how long it will take to pay off your student loans and how much interest you'll pay. See the impact of extra monthly payments on your payoff date.
Plan Your Student Loan Payoff
Enter your loan balance, interest rate, and monthly payment to see your payoff timeline, total interest cost, and how extra payments accelerate debt elimination.
- Payoff timeline: Exact months and years until your balance reaches zero
- Total interest cost: How much you'll pay above the principal over the loan term
- Extra payment impact: How an additional $50, $100, or $200/month shortens your payoff
- Amortization breakdown: Month-by-month principal vs. interest split
Common Student Loan Scenarios
- Federal direct loans: Typical 10-year standard repayment — use the calculator to compare against income-driven plans by simulating different payment amounts
- Grad school debt: $80–150K balances at 6–8% rates — even $100 extra/month saves thousands in interest
- Refinanced loans: Private refinance at 5% vs. federal 7% — compare total interest cost over the same term
- Avalanche strategy: Pay off the highest-rate loan first to minimize total interest across multiple loans
Federal vs. Private Student Loan Payoff
- Federal loans: Income-driven repayment (IBR, PAYE, SAVE) caps payments at 5–10% of discretionary income — helpful for low incomes but extends payoff to 20–25 years
- Private loans: Fixed or variable rate, no income-driven options — standard amortization applies
- Refinancing trade-off: Refinancing federal loans into private locks in a lower rate but forfeits IDR plans and forgiveness programs
- Public Service Loan Forgiveness: If pursuing PSLF, minimize payments (don't overpay) — the calculator helps model minimum required payments
Frequently Asked Questions
How much faster do extra payments pay off a student loan?
The impact depends on your balance and rate. On a $30,000 loan at 6.5% with a standard $340/month payment, adding $100/month cuts the payoff from 10 years to about 7.5 years and saves roughly $2,800 in interest. Higher-rate loans see proportionally larger savings. Use the calculator to model your specific numbers.
Should I pay off student loans early or invest instead?
The break-even depends on your loan rate. If your loan rate is below 5%, the long-term average stock market return (~7% inflation-adjusted) suggests investing while making minimum payments. If your rate is above 7%, paying off debt is the safer guaranteed return. Between 5–7% is a judgment call based on risk tolerance and tax situation.
How is student loan interest calculated?
Federal and most private student loans use simple daily interest: daily rate = annual rate ÷ 365. Interest accrues each day on the outstanding principal. When you make a payment, interest accrued since the last payment is applied first; the remainder reduces principal. Larger or more frequent payments reduce principal faster, cutting future interest accrual.