Student loan payoff calculator
Answer three questions so you can work out the payoff time for your student loan and the interest you pay along the way.
- On the Standard Plan: 10 years
- $50The least Standard payment each month
- 360RAP payments, and whatever is left gets forgiven
- No more than $50 a month is what the government adds to lower your principal on RAP
The year-by-year student loan amortization schedule
Once you answer, a year-by-year table appears. It lists your payments, how much is interest, how much reduces your balance and what's left. In the early years, interest takes up most of what you pay. Enter an extra amount and the table moves to the faster plan.
How the calculation works
Show how it's worked out
For each month, interest equals your balance times your rate, all divided by 12. That interest is what your payment covers first. Whatever is left cuts your balance. We repeat that step month by month until the balance reaches $0.
If you pay no more than that month's interest, your balance won't shrink. Any extra money goes straight to your balance. That shortens the loan and lowers the interest you pay.
Sources: repayment plans from Federal Student Aid, Standard Plan, Federal Student Aid.
Common questions
How long will it take to clear $30,000 of student loan debt?
With interest at 6% and a monthly payment of $400, payoff takes roughly 7 years and 11 months. A larger monthly payment means an earlier payoff.
How long would it take to clear $100,000 of student loan debt?
With 6% and $1,200 a month, it takes about 9 years and 1 month. With the 10-year standard payment, you're done in 10 years.
How can I estimate the payoff date for my student loan?
Type in your balance, rate and monthly payment. You see how many years and months remain, along with the interest you'll pay.
What's the best way to clear student loan debt early?
Each month, pay more than the bill and send the extra to your balance. A little extra helps, since the interest next month comes out smaller. After you answer, list it as your extra amount to see how much earlier you finish.
Can I run multiple federal student loans through it as a repayment calculator?
Yes, you can. Total your balances, then use an average rate and the amount you pay each month in total. Or take each loan separately and see which finishes first.
More ways to check your loan
Look at the interest by itself, or at what each plan would cost you.