Finance · Debt

Student Loan Calculator

Estimate your student loan payment and see how adding a little extra each month shortens your payoff and slashes total interest. Drag the sliders and every number updates instantly.

Loan balance $35,000

Annual interest rate 6.0%

Extra monthly payment $100

Repayment term

Standard monthly payment

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Payoff time (with extra)

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Total interest paid

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Interest saved

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Paid off

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Balance: standard vs with extra payment

How to pay off student loans faster

Flat illustration of a graduation cap resting on a stack of books beside coins and a downward-trending arrow — representing paying down a student loan balance over time. — Every extra dollar goes straight to principal — which is why paying a little more each month clears the loan years sooner.

Student loans use the same amortization math as any installment loan, but the long terms — often 10 to 25 years — mean interest piles up. The single most effective lever you control is the extra amount you put toward principal each month.

Why extra payments work so well

Every extra dollar goes straight to principal, so you stop paying interest on it for the rest of the loan. On a $35,000 balance at 6%, an extra $100 a month can shave years off the term and save thousands in interest. Make sure your servicer applies extra payments to principal, not to future payments.

Tip: If you have multiple loans, target extra payments at the highest-interest loan first (the avalanche method) while paying minimums on the rest. Our debt payoff calculator compares strategies side by side.

Federal vs private loans

Federal loans offer income-driven repayment, deferment, and potential forgiveness programs that private loans don't. Before aggressively prepaying federal loans, weigh whether keeping cash flexible — or pursuing forgiveness — fits your situation better.

Frequently asked questions

How is my student loan payment calculated?

Your standard payment is based on the balance, interest rate, and repayment term using standard amortization. Interest accrues daily on most student loans, so the rate and balance drive how much you pay over time.

Does paying extra really save that much?

Yes. Because extra payments go entirely to principal, they eliminate all the future interest that principal would have generated. The earlier in the loan you add extra, the bigger the savings.

Should I pay off student loans or invest?

If your loan rate is higher than your expected investment return, prioritizing payoff usually wins. If the rate is low (common with older federal loans), investing the difference may build more wealth. It also depends on your risk tolerance and need for forgiveness options.

What is the standard student loan repayment term?

The federal standard plan is 10 years. Extended and income-driven plans can run 20–25 years, which lowers the monthly payment but increases total interest. Refinancing can change the term for private loans.

Will extra payments hurt loan forgiveness?

If you're pursuing Public Service Loan Forgiveness or income-driven forgiveness, extra payments reduce the balance that would eventually be forgiven, so they may not be worthwhile. Confirm your forgiveness eligibility before prepaying federal loans.

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Written & reviewed by Chase Bennett, President of CalcHeadquarters

Every calculator is built from published formulas and authoritative sources, then independently checked for accuracy before it goes live. Last updated July 2026. Read our editorial policy & methodology.