Student Loan Payoff Calculator

Enter your balance, interest rate, and term. The calculator shows total interest over the life of the loan. Federal undergrad rates are typically 4–6%, grad 6–8%; private varies. Extra payments reduce total interest significantly.

Refinancing can lower your rate and total interest if you qualify for a better rate. Use the refinancing comparison: enter a potential new rate and term. You lose federal protections (income-driven, forgiveness) when refinancing federal loans to private.

Extra payments go directly to principal, reducing interest accrual. Even $50–100/month can save thousands and shorten payoff by years. The calculator shows interest saved and months saved vs the standard schedule.

Federal undergraduate loans (2024–25): about 5.5–6.5%. Graduate: ~7%. Parent PLUS: ~8%. Private loans vary by credit, often 4–15%. Use your actual rate from your servicer for accurate results.

SAVE (Saving on a Valuable Education) is an income-driven repayment plan. Your payment = 5% (undergrad) or 10% (grad) of discretionary income. Discretionary income = AGI minus 225% of federal poverty guideline. Remaining balance is forgiven after 20 years (undergrad) or 25 years (grad). Unpaid interest does not capitalize under SAVE.

It depends on your income and balance. Low income + high balance: SAVE often lowers monthly payment and can result in forgiveness. High income + moderate balance: standard repayment may cost less total. Use the calculator to compare: select SAVE for income-driven estimates, or Standard for fixed payment and refinancing comparison.

At 6% with a $500 monthly payment, about 10 years (~$10,000 in interest). At $750/month, about 6.5 years (~$8,500 interest). Extra payments go to principal and shorten the term. Federal grad rates are ~7%; undergrad ~5.5%. Use the calculator with your balance, rate, and payment to see payoff date.