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Student Loan Payoff Calculator

Compare income-driven plans vs. aggressive payoff. See how extra payments shave years off your debt and cut thousands in interest.

🎉 Interest you'll save — — months faster
Without extra — —
With extra — —
Total you'll pay —
Principal —
Interest —
These calculators provide estimates for educational purposes only. Results are not guaranteed and should not be treated as financial advice. Always consult a qualified professional before making major financial decisions.

Why this matters

On a $30,000 loan at 5% APR: minimum payments take 10.7 years and cost $8,400 in interest. Adding $100/month extra cuts payoff to 7.2 years, saving $3,600. Federal vs. private loans have very different rules — this calculator handles both.

Frequently Asked Questions

Should I refinance or pay extra on my student loans?

If you have private loans at 7%+ APR and credit score ≥740, refinancing can save thousands. Federal loans with income-driven repayment may already have low rates — check before refinancing federal to private.

What is income-driven repayment (IDR)?

IDR plans cap your monthly payment at 10–20% of discretionary income and forgive remaining balances after 20–25 years of payments. Use our student loan calculator to compare IDR vs. aggressive payoff.

Can I make extra payments on federal student loans?

Yes. Federal loans have no prepayment penalty. Specify "principal only" when making extra payments, or set up autopay for the same date monthly.

Is student loan interest tax deductible?

Up to $2,500 in student loan interest is deductible annually if your modified adjusted gross income is below the phase-out threshold ($85,000 single / $170,000 joint). This reduces your effective rate by 1–2 percentage points.