Student Loan Calculator
See exactly when your loans are paid off, what the interest really costs, and how much faster — and cheaper — it gets if you pay a little extra. For federal loans, the free first step is checking your repayment and forgiveness options before anything else.
Debt-free in
9y 8m
June 2036
Total interest
$10,439
at this payment
Total paid
$40,439
balance + interest
What would paying extra do?
Add
$
/mo →debt-free 33 months sooner, saving $3,118 in interestOr invest it instead? Putting $100/mo in the market for 10 years at an assumed 7%/yr could grow to about $17,308 — roughly $5,308 more than the $12,000 you'd put in. Paying the loan down is a guaranteed 6.5% return; market returns aren't guaranteed, so this is a rough comparison — not advice to do either.
Free move first: for federal loans, check income-driven repayment and forgiveness options at studentaid.gov before paying extra or refinancing. Refinancing federal loans to a private lender gives up those protections — weigh that carefully. This is educational, not financial advice.
Who this is for
- You have student loans and want a real payoff date, not a vague feeling.
- You're deciding whether paying extra is worth it.
- You're weighing standard repayment vs. an income-driven plan.
How it works
- 1Enter your balance, interest rate, and monthly payment.
- 2We amortize it month by month — payoff date, total interest, total paid.
- 3Add an extra amount to see the months and interest you'd save.
Methodology
Standard amortization: each month adds interest at rate ÷ 12, subtracts your payment, and repeats until the balance is zero. The “extra payment” line re-runs the same math at the higher payment and shows the difference. If your payment doesn't cover one month's interest, we flag it and point to income-driven options.
Example
A $30,000 balance at 6.5% with $350/mo takes about 9 years and roughly $11,000 in interest. Adding $100/mo gets you out years sooner and saves thousands — the tool shows your exact numbers.
FAQ
- Should I pay extra or invest?
- It depends on the rate. Higher-rate private loans often beat investing on a risk-adjusted basis; lower-rate federal loans are closer. For federal loans, check forgiveness/IDR options before paying extra.
- Should I refinance my federal loans?
- Be careful — refinancing federal loans to a private lender permanently gives up income-driven repayment, forgiveness, and forbearance protections. Weigh those before chasing a lower rate.
- What's an income-driven repayment plan?
- A federal option that caps your payment at a share of discretionary income. It can lower payments and lead to forgiveness — start at studentaid.gov.