Student Loan Payoff Calculator
See how long it takes to pay off your student loans. Compare to standard 10-year repayment.
How it works
Enter your loan balance, annual interest rate, and monthly payment. The calculator shows payoff time and total interest. It also shows the standard 10-year fixed payment for comparison. For income-driven plans (SAVE, IBR, PAYE) or forgiveness, use our Student Loan RAP calculator.
Federal student loan rates (typical)
| Loan type | Typical rate (fixed) |
|---|---|
| Undergraduate Direct (subsidized/unsubsidized) | ~4–6% |
| Graduate Direct unsubsidized | ~6–8% |
| Direct PLUS (parent/graduate) | ~7–8% |
| Private (variable) | ~5%–15%+ |
Rates are set annually. Check your loan servicer or studentaid.gov for your exact rate. Use this calculator with your actual rate and balance.
Repayment plan types
| Plan | Term | Best for |
|---|---|---|
| Standard 10-year | 10 years | Lowest total interest |
| SAVE (income-driven) | 20–25 years | Low income, forgiveness track |
| IBR, PAYE | 20–25 years | Income-driven, forgiveness |
| Extended | Up to 25 years | Lower payments, more interest |
| Graduated | 10 years | Rising income over time |
This calculator uses standard amortization. For SAVE, IBR, PAYE, or forgiveness, use our Student Loan RAP calculator.
Student loan interest tax deduction
You can deduct up to $2,500 of student loan interest paid during the year (2024). The deduction is above-the-line—you don't need to itemize. It phases out for single filers with MAGI above $75,000 and married filing jointly above $155,000. Use our AGI calculator to estimate. Interest paid on loans for you, your spouse, or dependents qualifies.
Common questions
Is this for federal or private loans?
Both. This calculator uses standard amortization—fixed monthly payment until payoff. For federal income-driven plans (SAVE, IBR, PAYE) and forgiveness tracking, use our Student Loan RAP calculator.
Should I pay extra or invest?
If your loan rate is high (e.g., 6%+), paying extra is a guaranteed, tax-free return. If it's low (e.g., 4%) and you expect market returns to beat it, investing may make sense. Consider your risk tolerance and whether you have employer 401(k) match—that usually comes first.
What if I have multiple loans?
Enter the combined balance, weighted average rate, and total monthly payment. Or run each loan separately and add the results. For federal loans with different repayment strategies, use the Student Loan RAP calculator.