Enter your student loan balance, interest rate, and monthly payment to see exactly when you'll be debt-free — and how much interest you'll save by paying extra each month.
Enter your current loan balance, interest rate (APR or stated rate), and your monthly payment. If you have multiple student loans, click "+ Add debt" to add each one separately. Then use the "Extra Payment" scenarios to see how much faster you pay off your loans and how many dollars you save in interest.
Most student loans accrue interest daily based on your outstanding principal balance. Federal loan rates in the US range from around 5% to 8.5% depending on loan type and graduation year. Private loans can go higher. On a $30,000 balance at 6.5%, paying only the minimum over 10 years costs roughly $10,700 in interest alone — extra payments directly cut that number.
Enter your student loan balance, interest rate, and current monthly payment. The calculator shows exactly when you'll be debt-free and how much total interest you'll pay — plus how extra payments change both numbers.
If your student loan interest rate is above 6–7%, extra payments generally beat investing in a standard savings account. If it's below that, investing in index funds may return more over time. Federal loans with rates below 5% are a common case where investing wins.
The Debt Avalanche method — targeting your highest-rate loan first — saves the most interest. If you have multiple loans, add all of them and let the calculator show the optimal payoff order.
Yes — click "+ Add debt" to enter each loan separately. The calculator handles multiple loans with different rates and balances, giving you a combined payoff plan.
The calculator works with any fixed monthly payment. Enter the payment amount from your current repayment plan and use the Extra Payment scenarios to see the impact of paying more.