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Student Loan Payoff Calculator

Standard payoff vs accelerated with extra principal.

PrivateFreeSourcedReviewed

Monthly payment · 10-year standard plan

$397.77

/mo
$35,000 at 6.52%
Standard payoff
120 mo

$12,733 interest

With +$0 extra
120 mo

$12,733 interest

Interest saved
$0

0 months sooner

Over 10 years you'd pay $12,733 in interest on $35,000 — $47,733 in all. Even a small extra payment toward principal shortens that.

Try a what-if

Your numbers

$35,000

6.52% (federal undergrad: 6.52%)

Default 6.52%US Dept of Education — Interest Rates and Fees for Federal Student Loansas of AY 2026-27

10-year (Standard)

$0/mo extra

Next steps

The Student Loan Payoff Calculator projects your standard 10-year payment + how much faster (and cheaper) the loan resolves with an extra monthly principal payment. The default rate tracks the current US Department of Education Federal Direct Subsidized/Unsubsidized undergraduate rate (graduate and PLUS loans run higher). The calculator works for federal, private, and refinanced loans — adjust the rate to match your loan.

How this calculator works

  1. Enter your current loan balance (sum across loans if you have multiple — or model each separately).
  2. Set the interest rate. Check StudentAid.gov for federal loan rates; private loan rate varies by issuer.
  3. Choose the repayment term. Federal Standard Repayment is 10 years; Extended is 25; Income-Driven plans stretch payments based on income.
  4. Add an optional extra monthly payment to see how much faster you finish and how much interest you save.
  5. If considering refinancing federal loans into a private lender: weigh the rate savings against losing federal protections (income-driven plans, PSLF, deferment, death/disability discharge).

M = balance × [r(1+r)ⁿ / ((1+r)ⁿ − 1)] with extra: monthly principal += extra → faster amortization

Standard fixed-rate amortization. Adding an extra monthly principal payment applies it directly to the balance (after interest is charged), so the loan amortizes faster and total interest drops. For federal loans, you must explicitly request that extra payments go to principal — write 'apply to principal, not future payments' in the memo or use the servicer's online option.

balance
Current loan balance
r
Monthly rate (APR/12)
n
Number of payments (term in years × 12)
extra
Optional fixed extra principal payment per month

Frequently asked questions

What's the standard repayment plan?

Federal Direct loans default to a 10-year Standard Repayment plan with fixed monthly payments. Income-driven plans stretch payments based on income — useful for short-term cash flow but usually cost more total interest. The SAVE plan has ended: for loans made before July 1, 2026 the main income-driven option is IBR, and loans made on or after July 1, 2026 use the new Repayment Assistance Plan (RAP). Compare your options with the Loan Simulator at studentaid.gov.

Should I refinance federal student loans?

Refinancing into a private lender can lower the rate, but you LOSE federal protections: income-driven repayment, PSLF forgiveness, deferment/forbearance, and the death/disability discharge. Only refinance federal loans if you have stable high income, no plan to pursue forgiveness, and the rate gap is meaningful (1%+).

How do extra payments work?

Federal loan servicers must apply extra payments to principal if you explicitly request it (write 'apply to principal, not future payments' in the memo or use the servicer's online option). Otherwise some servicers credit it as an advance payment — the loan still accrues interest at the same rate.

Sources used in this calculator

Reviewed by the Money Scale editorial team. How we source our data

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