Student Loan Payoff Calculator
Enter your loan balance and payment to see exactly when you'll be debt-free and how much total interest you'll pay — then see how much extra payments could save you.
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Quick answers
Should I pay extra on my student loans or invest instead?
If your loan's interest rate is above what you'd realistically expect from investing (commonly cited long-run stock market averages are often in the 7–10% range before inflation, though this isn't guaranteed), paying it down faster is the safer, mathematically certain "return." Below that rate, especially for federal loans with borrower protections, some people prefer investing instead — there's no single right answer, it depends on your risk tolerance and other financial goals.
Does this account for federal repayment plans?
No. This is a straightforward fixed-payment amortization calculator, similar to a standard 10-year federal repayment plan or a private loan. Income-driven repayment plans (which base your payment on income rather than balance, and can include forgiveness after a set number of years) work very differently — check studentaid.gov for federal plan specifics and how they'd apply to your situation.
Is refinancing my student loans a good idea?
Refinancing to a lower rate can save real money, but it's worth knowing that refinancing federal loans into a private loan means giving up federal protections (income-driven repayment, deferment, forgiveness programs). It can make sense for high-rate private loans or for federal loans you're confident you won't need those protections on — compare offers carefully first.