Student Loan Payoff Calculator

Enter your loan balance, interest rate, and monthly payment to see exactly when your student loan will be paid off. Add an extra monthly payment to discover how much interest you can save and how many months you can cut from your repayment timeline. Also try the Estimated % of College Costs Covered — 529 Plan.

The remaining balance on your student loan.

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Found on your monthly loan statement or servicer portal.

Your required or current monthly payment amount.

Any additional amount you can pay each month above your required payment.

A lump sum you plan to pay once per year (e.g. tax refund).

A single lump-sum payment applied immediately to your balance.

Results

Payoff Timeline (with extra payments)

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Original Payoff Timeline

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Months Saved

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Total Interest (Original)

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Total Interest (With Extra Payments)

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Total Interest Saved

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Total Amount Paid (With Extra)

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Results Table

How do I find my student loan balance and interest rate?

Log in to your loan servicer's website or the Federal Student Aid portal at studentaid.gov to find your current balance, interest rate, and monthly payment amount. This information is also included on your monthly billing statement. See also our Student Loan Calculator.

How do I pay off my student loans early?

The most effective strategy is to make extra payments directly toward your principal balance. Even small additional monthly amounts — like $50 or $100 — can shave years off your loan and save thousands in interest. Make sure your servicer applies extra payments to principal, not future payments.

What happens if I add an extra monthly payment?

Extra monthly payments reduce your principal faster, which means less interest accrues over time. The calculator shows you exactly how many months you'll save and how much total interest you'll avoid by increasing your payment.

How can I find extra money to put toward my student loans?

Common sources include annual tax refunds, work bonuses, side income, or cutting discretionary spending. Even redirecting $50–$200 per month from a budget review can meaningfully shorten your repayment period. You might also find our calculate Monthly Payment Change, Current Monthly Payment (Calculated) & New Monthly Payment — Student Loan Refinance useful.

What is the difference between a subsidized and unsubsidized student loan?

Subsidized loans do not accrue interest while you're enrolled at least half-time, during the grace period, or during deferment — the government pays it. Unsubsidized loans accrue interest from the moment they're disbursed. Both types are included in this payoff calculator; just enter your current balance and rate.

Should I pay off my student loans or invest the extra money?

If your student loan interest rate is higher than the expected investment return (typically 6–7% for a diversified portfolio), paying off the loan early usually wins. If your rate is low (under 5%), investing may yield better long-term returns. Your personal risk tolerance and financial goals matter too.

Does making extra payments reduce my required monthly payment?

Not automatically — most servicers keep your required minimum the same and apply extra funds to reduce your balance and shorten the loan term. Contact your servicer to confirm how extra payments are applied and to ensure they go toward principal.

What if I have multiple student loans?

Run this calculator separately for each loan, or combine all balances into one calculation using a weighted average interest rate. A popular strategy is the debt avalanche (paying highest-rate loans first) or debt snowball (smallest balance first) to systematically eliminate all loans.