See how long it will take to pay off your student loans, how much interest you will pay, and how much time and money extra payments can save.
How the calculator works
It simulates your loan month by month: each month interest is added to the balance, then your payment is subtracted. It runs once with your regular payment and once with any extra payment, so you can see exactly what paying more is worth.
Each month: interest = balance × (rate ÷ 12); new balance = balance + interest − payment
Worked example
You owe $32,000 at 5.5%. On a standard 10-year plan, the payment is $347.29 a month and you pay about $9,674 in interest.
Adding $100 a month pays the loans off in about 7 years and 3 months, 33 months sooner, and cuts interest to about $6,866, a saving of roughly $2,807.
Several loans?
Most graduates have several loans at different rates. You can enter the total balance with a weighted average rate, or check each loan separately. To decide which loan to pay extra on first, use the debt avalanche calculator (highest rate first, cheapest overall) or the debt snowball calculator (smallest balance first, fastest wins).
Ways to pay off student loans faster
- Pay extra and make sure it goes to principal. Ask your servicer to apply extra payments to the highest-rate loan.
- Use autopay. Many servicers offer a small interest rate reduction for automatic payments.
- Put windfalls to work: tax refunds, bonuses and raises.
- Consider refinancing private loans if you can get a much lower rate. Be careful with federal loans: refinancing them into a private loan means losing federal protections such as income-driven repayment and forgiveness programs.
Federal repayment plans and forgiveness
U.S. federal student loans offer standard, graduated, extended and income-driven repayment plans, and some borrowers may qualify for forgiveness programs such as Public Service Loan Forgiveness. Rules change often, so check current options at StudentAid.gov or with your loan servicer before choosing a strategy. If you are aiming for forgiveness, paying extra may not be the best move.
Frequently asked questions
Should I pay off student loans or invest?
Many people split the difference: always capture any employer retirement match, keep an emergency fund, then compare your loan rate with expected investment returns. High-rate loans are usually worth paying down first.
Does paying extra lower my monthly payment?
Usually not. It shortens the loan instead. Some servicers may advance your due date, so tell them to apply extra money to principal.
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Results are estimates for planning and education only. They are not financial, tax, legal or medical advice. Check important numbers with a qualified professional.