Student Loan Payoff Calculator
See your payoff timeline and total interest — and find out how extra payments can save you thousands.
How It Works
Each month, interest accrues on your remaining balance. Your payment covers the interest first, then reduces principal. Making extra payments dramatically cuts total interest.
Payoff Tips
- Even $50/month extra can save thousands
- Set up autopay for 0.25% rate reduction (federal loans)
- Apply windfalls (bonuses, refunds) to principal
- Refinancing at a lower rate can cut interest significantly
Frequently Asked Questions
Federal student loans typically have a 10-year standard repayment term. Income-driven repayment plans can extend this to 20–25 years, while extended plans go up to 25–30 years.
If your student loan interest rate is below ~5–6%, you may be better off investing (the historical market return is ~7%). If your rate is above that threshold, prioritizing payoff often makes more financial sense.
The avalanche method (pay off highest-rate loans first) minimizes total interest. The snowball method (smallest balance first) provides psychological momentum. Making extra principal payments reduces total interest significantly.