Student Loan Payoff Calculator
See the standard payment, how much an extra payment saves, and what it takes to be debt-free by a target year.
Free · No sign-up · Your inputs stay in your browser
Your numbers
Plan the payoff
Your projection
Paid off in 7y 3m with the extra
Standard payment
$363.35
Interest saved
$3,414
Payment to finish in 6 years
$537.92
Paying ahead on a federal loan can cost more than it saves if you expect forgiveness under Public Service Loan Forgiveness or an income-driven plan. Check your plan at StudentAid.gov before sending extra.
About this tool
Method, assumptions, practical next steps, and limits.
Know the plan before paying extra
Extra payments save interest on a loan you will repay in full. On a federal loan headed for forgiveness, the same money might save nothing.
How the calculation works
The standard payment uses fixed-rate amortization. Extra payments are applied to principal each month.
A $32,000 balance at 6.5% over 10 years has a standard payment of $363.35. Adding $100 a month pays it off in about 7 years 3 months and saves roughly $3,400 of interest.
When extra payments are the wrong move
If you work toward Public Service Loan Forgiveness or expect a balance forgiven under an income-driven plan, extra payments reduce the forgiven amount rather than your cost. Federal repayment plans changed under 2025 legislation; check your current options with your servicer and the Loan Simulator at StudentAid.gov.
Refinancing a federal loan into a private one gives up federal protections such as income-driven repayment and deferment.
