Student Loan Payoff Calculator

Don’t live with your student loans for 20 years. Use our calculator to see how much you can save on interest by making some extra payments!

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Student Loan Payoff Calculator Uses

This calculator shows you how quickly you can pay off your student loans. By calculating the impact of extra payments, you can learn how to save money on the total amount of interest you'll pay over time.

Want to Pay Off Your Student Loans Early?

Use the Extra Payments functionality to find out how to shorten your loan term and save money on interest by paying extra toward your loan's principal each month.

Understanding Your Student Loan Payment

Your student loan payment is defined as your principal and interest payment. When you pay extra on your principal balance, you reduce the amount of your loan and save money on interest.

Making Additional Student Loan Payments

Get creative and find more ways to make additional payments on your student loans. Making extra payments on the principal balance will help you pay off your student loan debt faster and save on interest. Use our free budgeting tool, EveryDollar, to see how extra payments fit into your budget.

Calculate Different Scenarios

See how early you’ll pay off your student loans and how much interest you’ll save. Let's say you have $35,000 in student loan debt with monthly payments of $360 at 4.5% interest on a 10-year repayment plan. By making an additional $325 payment toward the principal every month, you'll save over $4,688 in interest and pay off your student loans 5.4 years sooner!

Get the Step-by-Step Plan to Pay Off Your Student Loans Faster

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Student Loan Terms

Student loan terminology can be confusing and overly complicated—but it doesn't have to be! Here are some definitions to make paying off student loans easier to understand.


Monthly Payment

Your monthly payment represents the total amount you pay for your student loans (principal and interest).

Remaining Balance

Your remaining loan balance is the amount you have left to pay on your student loans. If your original loan was $35,000, and you’ve paid $5,000 in principal during the first two years, your remaining loan balance would be $30,000.

Interest Rate

When you have student loans, the interest rate is the ongoing amount you pay to finance your education. Your interest rate is typically represented as an annual percentage of your remaining loan balance.


Amortization is the process of paying off debt with a planned, incremental repayment schedule. An amortization table can help you estimate how long you'll be paying on your student loans, how much you'll pay in principal, and how much you'll pay in interest. Making changes to how large or frequent your payments are can alter the amount of time you're in debt.

Extra Payments

Making extra payments toward your principal balance on your student loans can help you save money on interest and pay off your loan faster. If you want to make extra payments, budget extra money each month to put toward your principal balance.

Loan Repayment Term

The repayment term, also called the loan period by some lenders, is the time over which the borrower will repay the loan to the lender

Learn More About Paying Off Your Student Loans