Student Loan Payoff Calculator
Find your payoff date and how much interest you save by paying extra on a student loan.
Paying off student loans faster
Student loans work like other instalment loans: interest is charged on the balance, so lowering the balance sooner saves interest. Even $100 extra a month can cut years from the term.
Know your loan type
Federal and private loans have different protections and repayment options. Check your servicer before refinancing, since federal loans may lose benefits if refinanced privately.
Worked example
Last reviewed November 2026. Formulas are standard and shown in the sections above; results are estimates.
Tips and common mistakes
- Pay the highest-rate loan first.
- Check for employer repayment help.
- Do not refinance federal loans without comparing the lost benefits.
Frequently asked questions
Does it include forgiveness programs?
No. It only models the standard payoff.
Can I enter several loans?
Combine them using the weighted average rate, or use the debt payoff planner.
Do extra payments go to principal?
Tell your servicer to apply extra payments to the highest-rate loan's principal.
Money guides for this topic
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