🎓 Student Loan Payoff Calculator
See your payoff timeline, total interest, and what an extra payment saves you.
How This Is Calculated
This uses the standard amortization formula — the same math as any fixed-rate loan — applied to your balance, rate, and term. An extra monthly payment goes entirely toward principal, which shortens your payoff timeline and reduces total interest paid.
Frequently Asked Questions
Does this include income-driven repayment plans?
No — this models a standard fixed-payment payoff. Federal income-driven plans (SAVE, PAYE, IBR) use
income-based formulas that change periodically; use the Department of Education's official Loan Simulator
at studentaid.gov for those.
Should I pay off student loans early or invest instead?
This depends on your rate versus expected investment returns, your emergency fund, and risk tolerance —
there's no universally correct answer.
Guide: understanding your result
- On the federal Standard Repayment Plan, a loan is repaid in equal monthly payments over up to 10 years.
- Interest on federal student loans accrues daily as simple interest on the outstanding principal.
- There is no prepayment penalty on federal or private student loans; ask your servicer to apply extra payments to principal on the highest-rate loan.
Worked example
A $30,000 balance at 6.5% on a 10-year plan costs $340.64 a month and $10,877 in total interest. Adding $100 a month pays it off in 7 yr 2 mo with about $7,530 of interest.
Common mistakes to avoid
- Sending extra payments without instructions, so the servicer advances your due date instead of reducing principal.
- Paying extra while missing out on income-driven or forgiveness programs you may qualify for — check eligibility first.
Frequently asked questions
Does this include income-driven repayment?
No. Income-driven plans base payments on income and family size; use the Federal Student Aid Loan Simulator for those.
Official sources
Examples are calculated live from the same data the calculator uses and are for education only — they are not financial, tax or investment advice.
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