Student Loan Payoff Calculator
Compare repayment plans and see how extra payments dramatically cut your payoff time and total interest.
Your Loan
Federal undergrad: ~6.5%, grad: ~8%, private: varies
Used for income-driven repayment estimate
Added on top of standard payment
Plan Comparison
Student loan repayment strategies
Standard vs extended
Standard 10-year minimizes total interest. Extended plans lower monthly payments but dramatically increase total interest paid — often doubling it.
Income-driven repayment
IDR plans cap payments at 10-20% of discretionary income and forgive remaining balance after 20-25 years (taxable). Good for low-income periods, costly long-term.
Extra payment impact
Even an extra $50-100/month significantly reduces payoff time. Any prepayment goes directly to principal, reducing the interest base for all future payments.
Refinancing
Private refinancing can lower your rate but eliminates federal protections like IDR plans and forgiveness programs. Only refinance federal loans if your job is very stable.
Income-driven repayment estimate is simplified. Actual IDR payments depend on family size, plan type, and annual recertification. Not financial advice.