Debt & Credit
When will my student loans be paid off?
This student loan payoff calculator estimates your payoff date, total interest, and how much extra payments can save.
Try the calculator
Enter your balance, APR, and payment to see the payoff timeline.
How it works
We simulate month-by-month payments. Interest is added monthly, then your payment reduces principal. Extra payments reduce interest faster.
Example scenario
A $28,000 loan at 5.4% with a $320 payment pays off in about 9 years. Adding $50/month can save over a year of payments.
What this means
Student loans can crowd out other goals. Knowing your payoff date helps you decide when to prioritize extra payments.
FAQ
What if my payment does not cover interest?
The balance will grow. Consider increasing payments or reviewing income-driven repayment options.
Does paying extra reduce interest?
Yes. Extra payments reduce the principal faster, which cuts total interest.
Is this calculator for federal or private loans?
It works for both. Enter your balance, APR, and payment for any loan.