Student Loan Calculator
Calculate payoff timeline and see how extra payments accelerate your debt freedom
Understanding Student Loan Payoff
Student loans are one of the most common forms of debt for Americans. Our calculator helps you understand exactly when you'll be debt-free and how much interest you'll pay over the life of your loans.
The Power of Extra Payments
Even small extra payments can significantly reduce your total interest and payoff time. Every dollar above the minimum goes directly to principal, accelerating your path to debt freedom.
Federal vs Private Student Loans
Federal Loans
- ✓ Income-driven repayment plans
- ✓ Loan forgiveness programs
- ✓ Deferment and forbearance options
- ✓ Fixed interest rates
Private Loans
- • May have lower rates with good credit
- • Less flexible repayment options
- • No federal forgiveness programs
- • Variable or fixed rates
Strategies to Pay Off Faster
Make Extra Payments
Even $50-100 extra per month can save thousands in interest and years of payments.
Apply Windfalls
Use tax refunds, bonuses, or gifts to make lump sum payments toward your principal.
Consider Refinancing
If you have good credit, refinancing to a lower rate can save money. But be careful with federal loans - you'll lose federal protections.
Important Considerations
- Income-Driven Repayment: Federal loans may qualify for plans that cap payments at 10-20% of discretionary income
- Public Service Loan Forgiveness: Working in public service? You may qualify for forgiveness after 10 years
- Emergency Fund First: Don't sacrifice your emergency fund to aggressively pay off low-interest student loans
- Refinancing Trade-offs: Refinancing federal loans to private loans means losing federal benefits