Student Loan Payoff Calculator
Find your exact payoff date, total interest cost, and see how extra monthly payments can save you thousands and cut years off your loans.
Calculate Student Loan Payoff
Enter your loan details to get a full payoff analysis and year-by-year amortization breakdown.
Federal Student Loan Interest Rates 2024-25
- Direct Subsidized & Unsubsidized (Undergrad): 6.53%
- Direct Unsubsidized (Graduate): 8.08%
- Direct PLUS Loans: 9.08%
- Rates are fixed for the life of the loan; set annually each July 1
Federal Repayment Plans
- Standard: Fixed payments for 10 years — lowest total interest
- Graduated: Payments start low, increase every 2 years — 10 years
- Extended: Up to 25 years — lower monthly payments, more interest
- SAVE (income-driven): Caps payments at % of discretionary income; forgiveness after 20–25 years
- PSLF: 10 years of payments in public service = full loan forgiveness
Tips to Pay Off Student Loans Faster
- Make extra principal payments whenever possible — even $50/month makes a big difference
- Specify that extra payments go to principal, not future interest
- Refinance private loans if rates have dropped (don't refinance federal loans — you lose protections)
- Apply tax refunds and bonuses directly to loan principal
- Use the avalanche method: pay minimum on all, extra toward highest interest rate loan