Student Loan Payoff Calculator
See how extra payments can save you thousands in interest and shave years off your student loan repayment. Enter your loan details to compare standard vs. accelerated payoff.
Loan Details
Payoff Summary
With Extra Payments
| Standard | With Extra | |
|---|---|---|
| Monthly Payment | $400 | $550 |
| Months to Payoff | 113 | 76 |
| Total Interest | $9,835 | $6,476 |
| Total Cost | $44,835 | $41,476 |
Amortization Schedule (Yearly)Showing accelerated payoff
| Year | Starting Balance | Total Paid | Interest | Principal | Ending Balance |
|---|---|---|---|---|---|
| 1 | $35,000 | $6,600 | $1,805 | $4,795 | $30,205 |
| 2 | $30,205 | $6,600 | $1,535 | $5,065 | $25,140 |
| 3 | $25,140 | $6,600 | $1,249 | $5,351 | $19,789 |
| 4 | $19,789 | $6,600 | $947 | $5,653 | $14,137 |
| 5 | $14,137 | $6,600 | $628 | $5,972 | $8,165 |
| 6 | $8,165 | $6,600 | $292 | $6,308 | $1,857 |
| 7 | $1,857 | $1,876 | $19 | $1,857 | $0 |
Student Loan Repayment Strategies
Standard repayment is the default 10-year plan for federal student loans. Fixed monthly payments ensure the loan is paid off in 120 months. This plan minimizes total interest but has the highest monthly payment.
Extra paymentsgo directly toward principal, which reduces the balance that accrues interest each month. Even $50–$100 extra per month can save thousands over the life of a loan. Make sure your servicer applies extra payments to principal, not future payments.
Avalanche vs. snowball:If you have multiple student loans, the avalanche method (paying off highest interest rate first) saves the most money. The snowball method (paying off smallest balance first) provides psychological wins. Both work—pick the one you’ll stick with.
Federal Repayment Plans
Federal loans offer income-driven repayment (IDR) plans that cap monthly payments at a percentage of discretionary income:
- SAVE (Saving on a Valuable Education): Replaced REPAYE. Payments are 5% of discretionary income for undergrad loans, 10% for graduate. Forgiveness after 20 or 25 years.
- IBR (Income-Based Repayment):10–15% of discretionary income. Forgiveness after 20 or 25 years.
- PAYE (Pay As You Earn): 10% of discretionary income, capped at standard repayment amount. 20-year forgiveness.
- ICR (Income-Contingent Repayment): The greater of 20% of discretionary income or a 12-year fixed payment. 25-year forgiveness.
IDR forgiveness is taxed as income (except under PSLF). Weigh the total cost over the full repayment period, not just the monthly payment.
Public Service Loan Forgiveness (PSLF)
If you work for a qualifying employer (government, 501(c)(3) nonprofits), you can receive tax-free forgiveness after 120 qualifying payments on an IDR plan. PSLF requires Direct Loans—consolidate FFEL or Perkins loans first.
Refinancing
Private refinancing can lower your interest rate, but you lose federal protections (IDR plans, PSLF eligibility, forbearance, deferment). Only refinance if you have stable income, won’t pursue PSLF, and can get a meaningfully lower rate.