Student Loan Payoff Calculator
Every extra dollar comes straight off the balance - and then stops earning interest for the rest of the loan. That is why small extra payments do so much. This shows exactly how many years and dollars each amount buys you.
You would be clear in
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- Total interest
- $0
- Total you would pay
- $0
- Without the extra it takes
- -
- Time saved
- -
- Interest saved
- $0
What the loan costs to clear
The green block is time saved and it stays yours. The orange is total interest and it does not come back.
Move it and watch
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at {v} for what you owe
And what you can change
Why your own figure may differ
What each extra amount buys you
Pick a number you can genuinely keep up every month. Consistency beats a big one-off.
| Extra each month | Clear in | Total interest | Interest saved |
|---|
Paying off student loans: real examples
Three payoff decisions worth seeing in numbers. Click any card to load it.
- The standard plan
$40,000 at 6.5% on the usual payment
The payment a ten-year plan gives you.
It clears on schedule, and the interest is the price of taking the full term. The tool shows exactly what that costs.
Load this scenario in the calculator → - A modest extra
The same loan plus $150 a month
Roughly a third more than the minimum.
The finish line moves forward by years, and the interest saved is far more than the extra you put in.
Load this scenario in the calculator → - Barely covering interest
A payment that is almost all interest
$40,000 at 6.5%, paying only $220 a month.
Only $3 a month comes off the balance. After 50 years you would still owe money - the tool says so rather than pretending it clears.
Load this scenario in the calculator →
Common questions about paying off student loans
How do I pay off student loans faster?
Pay more than the minimum, and make sure the extra goes onto the principal rather than being treated as an early payment for next month. That second part catches people out - some servicers will happily apply your extra money forward and you gain nothing. Ring them, or use the online option, and say the extra is for principal only.
How much difference does an extra payment really make?
More than most people expect, because every extra dollar comes straight off the balance and then stops earning interest for the rest of the loan. The table on this page shows exactly how many months and how much interest each amount buys you. Modest sums often cut years off.
Should I pay off loans or invest instead?
Compare the rate. A loan at 7% is a guaranteed 7% return if you clear it, and guaranteed is rare. If your rate is low - some older loans are - investing may do better over a long stretch, though it is not certain. Anything above roughly 6 or 7% is usually worth clearing first.
Which loan should I attack first?
If you have several, put every spare dollar on the highest rate while paying the minimum on the rest. That costs you the least overall. Some people prefer clearing the smallest balance first for the sense of progress. Our debt payoff calculator compares both properly.
Does paying extra hurt my chance of forgiveness?
It can. If you are working towards forgiveness on a federal plan, the remaining balance is what gets written off - so paying extra reduces the amount forgiven and helps nobody but the lender. Check where you stand before overpaying anything federal.
What if I cannot afford the payment at all?
For federal loans, ask about income-driven repayment before missing anything. It caps what you pay against what you earn, and missing payments does real damage. For private loans, ring the lender early - they have far more options before a default than after one.