Student Loan Calculator — Payment & Early Payoff
The average federal student borrower leaves school owing about $38,000. See your monthly payment on the standard 10-year plan, then test how extra payments — even $50 a month — shorten the timeline and shrink total interest.
- Payoff time (with extra)
- 10 yr
- Total interest (with extra)
- $13,777.88
- Interest saved by extra payments
- $0.00
How this calculator works
- Federal loans default to the 10-year standard plan; the payment comes from the amortization formula. Income-driven plans (SAVE, IBR) instead cap payments at a share of discretionary income — not modeled here.
- Extra payments should be directed to your highest-rate loan and flagged 'apply to principal' with your servicer.
Frequently asked questions
Should I pay off student loans early or invest?
Compare the loan rate to expected after-tax investment returns. Sub-4% federal loans are cheap money; 7%+ private loans are usually worth attacking first — after any employer 401(k) match.
Is student loan interest deductible?
Up to $2,500 of interest per year is deductible above-the-line, phasing out at higher incomes ($85k–$100k single, roughly).
Federal vs private refinancing?
Refinancing federal loans into private permanently forfeits income-driven plans and forgiveness programs. Refinance private loans freely; think hard before refinancing federal ones.
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Disclaimer: Results are estimates for educational purposes only and are not tax, legal, or financial advice. Tax rules are simplified (credits, phase-outs, and local taxes may not be modeled). Verify important decisions with the IRS, your state tax authority, or a licensed professional.