See your payoff date, total interest, and how extra payments save you thousands.
Add this US Student Loan Payoff Calculator to your website or blog for free — just paste this code:
Federal undergraduate loans for 2024-25 are 6.53% (subsidized/unsubsidized Direct loans). Graduate loans are 8.08%, and PLUS loans are 9.08%. Private loan rates vary from ~4% to 16% depending on credit score.
Federal loans offer Standard (10 years), Graduated, Extended (up to 25 years), and income-driven plans (SAVE, PAYE, IBR, ICR). Income-driven plans cap payments at 5–20% of discretionary income and offer forgiveness after 10–25 years.
Yes — even an extra $50/month on a $35,000 loan at 6.5% saves over $3,000 in interest and cuts 14 months off the loan. This calculator shows exactly how much.
You can deduct up to $2,500 in student loan interest per year if your MAGI is under $80,000 (single) or $165,000 (married filing jointly) in 2024. The deduction phases out above those thresholds.
Yes, but refinancing federal loans with a private lender means losing access to income-driven repayment, Public Service Loan Forgiveness (PSLF), and other federal protections. Weigh this carefully before refinancing.
This US student loan calculator helps borrowers see their real payoff timeline, total interest, and how much extra payments can save. It is built for graduates comparing a standard 10-year plan against extended or income-driven options, and for anyone weighing whether to throw an extra $50 or $100 a month at their balance.
The calculator uses the standard amortization formula to turn your balance, annual percentage rate, and repayment term into a fixed monthly payment. The formula is M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is your principal, r is the monthly rate (APR divided by 12), and n is the number of monthly payments. Each month, interest is charged on the remaining balance first, and whatever is left of your payment reduces the principal.
When you add an extra monthly amount, the tool re-runs the amortization month by month so every extra dollar goes straight to principal. That shrinks the balance faster, which means less interest accrues in every future month — a compounding effect that shortens the loan and cuts total cost.
It is a fixed amortized payment based on your balance, interest rate, and term length. Early payments are mostly interest and later payments are mostly principal, but the total stays the same each month unless you refinance or change plans.
Yes. If you have several loans, directing extra payments to the one with the highest APR (the avalanche method) minimizes total interest. If you need motivation, the smallest-balance-first snowball method can help you stay consistent.
The default Standard plan is 10 years. Extended plans can stretch to 20 or 25 years, which lowers the monthly payment but sharply increases total interest paid over time.
Refinancing with a private lender can lower your rate if you have strong credit, but it permanently removes federal benefits like income-driven repayment and loan forgiveness programs, so compare carefully before switching.