How to Use the Student Loan Payoff Calculator
Our free Student Loan Payoff Calculator helps you understand exactly what your student loans will cost over time. Enter your total loan amount, select your loan type (or enter a custom rate for private loans), choose your repayment plan, and optionally add extra monthly payments. The calculator instantly shows your monthly payment, total interest, payoff timeline, and an amortization schedule.
Whether you have federal undergraduate loans at 6.39%, graduate loans at 7.94%, or private loans with variable rates, our calculator handles all scenarios. The amortization table shows you exactly how much of each payment goes toward principal vs interest over time.
Federal Student Loan Rates for 2025-2026
Federal student loan interest rates are set each year by Congress and remain fixed for the life of the loan. For the 2025-2026 academic year, the rates are:
- Undergraduate (Direct Subsidized & Unsubsidized): 6.39% — the lowest rate available
- Graduate (Direct Unsubsidized): 7.94% — for master's, doctoral, and professional degrees
- Parent/Grad PLUS: 8.94% — requires credit check, highest rate
Example 1: Standard 10-Year Repayment
Sarah has $35,000 in undergraduate federal loans at 6.39% APR on the standard 10-year plan. Her monthly payment is $395. Over 10 years, she pays $12,652 in total interest, making her total cost $47,652. By paying an extra $50/month ($445 total), she saves $3,237 in interest and pays off the loan in 7.5 years instead of 10.
Example 2: Graduate School Loans
Michael took out $65,000 in graduate school loans at 7.94% APR. On a 10-year standard plan, his monthly payment is $786. Total interest over 10 years: $29,356. Total cost: $94,356. By paying an extra $100/month, he saves $5,847 in interest and pays off in 8.3 years.
Example 3: Private Loan with Extra Payments
Jessica has a $45,000 private student loan at 9.5% APR. Her standard 10-year payment is $582 per month and she'll pay $24,885 in total interest. By paying an extra $150/month ($732 total), she pays off the loan in 6 years and saves $8,421 in interest.
5 Strategies to Pay Off Student Loans Faster
1. Make biweekly payments. Instead of one monthly payment, make half-payments every two weeks. This results in 26 half-payments (13 full payments) per year instead of 12, effectively making one extra payment annually.
2. Apply windfalls to your loans. Tax refunds, work bonuses, gifts, and inheritance money can make a huge dent in your student loan balance. Apply these directly to your highest-interest loan.
3. Use the avalanche method. If you have multiple loans at different rates, put extra payments toward the loan with the highest APR first. This saves the most money over time.
4. Consider loan forgiveness programs. If you work in public service, teaching, or non-profit, look into PSLF (Public Service Loan Forgiveness) which forgives remaining debt after 120 qualifying payments.
5. Refinance if it makes sense. If you have good credit and stable income, refinancing to a lower rate can significantly reduce your interest. Use our calculator to compare your current loan vs a refinanced scenario.
Frequently Asked Questions
Q: What are the federal student loan rates for 2025-2026?
A: Undergrad 6.39%, Grad 7.94%, PLUS 8.94%. Fixed for the life of the loan.
Q: What is the average student loan debt in 2026?
A: About $39,075 federal per borrower, or $42,670 including private loans.
Q: How long does a standard repayment plan take?
A: 10 years for standard and graduated plans. Extended plans go up to 25 years.
Q: How much does extra $50/month save?
A: On a $35,000 loan at 6.39%, about $3,200 in interest and 2.5 years early payoff.
Q: Should I refinance my student loans?
A: Refinance private loans if you can get a lower rate. Don't refinance federal loans — you'll lose borrower protections.
Q: What income-driven repayment plans are available?
A: Plans cap payments at 10-20% of discretionary income with forgiveness after 20-25 years.
Related Tools
📋 Data Sources & Methodology
- Federal Student Aid (studentaid.gov): Official federal student loan interest rates 2025-2026 — studentaid.gov
- Federal Student Aid: Repayment plan comparison — studentaid.gov
- Consumer Financial Protection Bureau (CFPB): Student loan repayment guide — consumerfinance.gov
- Education Data Initiative: Average student loan debt statistics 2026 — educationdata.org
📅 Last Updated
Last Updated: May 2026 — Federal loan interest rates reflect official 2025-2026 academic year figures published by Federal Student Aid. Average debt statistics sourced from Education Data Initiative and Federal Reserve data. Amortization calculations use the standard monthly compounding formula. Income-driven repayment terms are simplified for estimation purposes.