How this calculator works
Interest accrues monthly and your payment comes off the balance until it reaches zero. Running the payoff once at your current payment and once with the extra amount shows the time and interest saved.
Worked example
With the example values below: Debt-free in, 7 yrs 5 mos (2 yrs 6 mos sooner than without extra payments). Change any number above to run your own.
What you enter
| Input | Example |
|---|---|
| Loan balance | $35,000 |
| Interest rate | 6.5% |
| Current monthly payment | $400 |
| Extra payment / month | $100 |
How extra payments speed up payoff
Every extra dollar goes to principal once current interest is covered, which lowers the balance future interest is charged on. On $35,000 at 6.5% with a standard $397 payment, adding $150 a month cuts payoff from 10 years to about 6.6 years and saves roughly $4,500 in interest.
Federal servicers apply payments to fees, then interest, then principal, and may advance your due date instead of reducing principal. Ask your servicer to apply extra payments to principal without advancing the due date, or make the extra payment separately.
Which loan to pay first
Keep paying the minimum on every loan and send extra to one target at a time.
- Highest interest rate first (avalanche): saves the most money. Usually private loans or graduate loans.
- Smallest balance first (snowball): clears whole loans quickly for motivation.
- Unsubsidized before subsidized when deferring, since unsubsidized loans accrue interest during deferment.
When paying extra doesn't make sense
If you're working toward Public Service Loan Forgiveness, the remaining balance is forgiven after 120 qualifying payments, so paying extra just reduces the amount forgiven. The same logic applies to long income-based plans if you expect a large balance to be forgiven.
If you have credit card debt, pay that first; card rates are usually much higher than student loan rates. Make sure you have an emergency fund before sending extra to loans.
Finding the money
Put raises, bonuses and tax refunds toward principal, round up each payment, or switch to biweekly payments. Some employers now offer student loan repayment benefits, and employer payments of up to $5,250 a year can be tax-free. If your credit has improved, refinancing private loans can lower the rate as well.
Frequently asked questions
How can I pay off student loans faster?
Pay more than the minimum, direct extra money to the highest-rate loan, use autopay for a rate discount, make biweekly payments and put windfalls toward principal. Refinancing private loans to a lower rate also helps.
How much interest do I save by paying extra on student loans?
On $35,000 at 6.5% over 10 years, an extra $150 a month saves about $4,500 in interest and finishes more than three years early. The savings are larger on higher balances and rates.
Should I pay off student loans early?
It's worth it for higher-rate loans if you're not pursuing forgiveness and already have an emergency fund and retirement match. For low-rate federal loans, investing may make more sense.
Do extra payments go to principal?
Only after accrued interest is paid. Tell your servicer to apply extra amounts to principal and not to advance your next due date, then check your statements.
Can employers help pay student loans?
Yes. Employers can pay up to $5,250 a year toward an employee's student loans tax-free through an educational assistance program, a benefit that federal law has made permanent.
Grow what this calculator projects.
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Estimates for planning only, not financial, tax or legal advice. Tax tools use 2026 federal figures (brackets, $16,100 / $32,200 standard deduction, $19,000 gift exclusion, $15M lifetime exemption). Rates shown as defaults are examples; replace them with quotes you actually receive.