Student Loan Payoff Calculator
How long your student loan lasts depends on the balance, the rate and how much you pay each month. Enter your figures to see the payoff time and total interest at your current payment, and the payment needed to hit a target term.
Student Loan Payoff Calculator
How this calculator works
Student loans are usually amortised, which means the payment is fixed and each instalment covers interest first and principal second. Because interest is charged on the balance, the faster you reduce the balance, the less total interest you pay. Income-driven repayment plans work differently, but the amortisation maths still describes how the balance behaves.
This tool simulates your loan month by month at the APR you enter until the balance reaches zero, then reports the number of months and the total interest. It also solves the reverse problem: if you give a target term, it computes the payment that would clear the balance in exactly that many months using the standard amortisation formula.
The tool uses only your inputs. It does not assume a federal rate, a repayment plan or forgiveness. If your rate changes or your payment is recalculated each year, re-run the numbers with the new figures. If the payment is below the monthly interest, the tool tells you the balance would never fall rather than showing a false payoff date.
Frequently asked questions
Why is my payoff time longer than the standard plan?
If you pay less than the amount a standard plan would require, the balance falls more slowly and interest accrues for longer. The calculator shows the true payoff time for the payment you enter.
Should I pay extra on my student loans?
If the rate is higher than what you could earn safely elsewhere, extra payments usually save more than they cost. If you are pursuing forgiveness, paying extra can reduce the amount forgiven, so check the rules first.
Does this account for income-driven repayment?
No. Income-driven plans recalculate the payment from your income and can end in forgiveness. This tool models a fixed payment, which is a useful baseline for comparing options.
What if my payment does not cover the interest?
Then the balance would grow rather than shrink. The calculator detects this and asks you to increase the payment, because no honest payoff date exists in that case.
Can I use this for a private student loan?
Yes. Private and federal loans both amortise, so the same maths applies. Just enter the APR and payment that apply to the loan you are checking.
Check your rate with a lending partner in about two minutes. Checking does not affect your credit score.
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