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 payments go 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. Servicers differ on whether an extra payment reduces principal or advances the next due date.
Avalanche vs. snowball: With multiple student loans, the avalanche method (highest interest rate first) minimizes total interest. The snowball method (smallest balance first) clears individual loans sooner. The gap between them narrows as the rates converge.
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). A lower monthly payment and a lower total cost are not the same thing.
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—FFEL and Perkins qualify only once consolidated.
Refinancing
Private refinancing can lower your interest rate, but you lose federal protections (IDR plans, PSLF eligibility, forbearance, deferment). The trade is one-way: a refinanced federal loan is a private loan permanently.