Student Loan Calculator
See your payoff date, total interest, and what refinancing could save you.
Your Results
🎓 Lower Your Rate
Use the calculator above to see how a lower rate changes your payment — that math is ours. Whether a rate check affects your credit is set by the lender, so confirm it before you apply.
Try the free loan payment calculator →How This Works
This calculator shows how long it will take to pay off your student loans with your current payment amount.
We also calculate what adding extra each month saves you in interest and time.
About refinancing: If you have federal loans, refinancing into private loans means losing
federal protections (income-driven repayment, forgiveness options). Weigh the pros and cons carefully.
How student loan payments work — federal vs. private, refinancing, extra payments ▸
The average student loan borrower owes $37,000. Whether you're dealing with federal loans at 5% or private loans at 10%+, the math matters. Use our free student loan calculator to see your payoff date, total interest, and whether refinancing makes sense.
How the Calculator Works
Enter your loan details:
- Loan balance — Current principal remaining
- Interest rate — Your current APR
- Monthly payment — What you're paying now (or what you could pay)
The calculator shows your payoff date, total interest paid, and how much extra payments save you.
Federal vs. Private Loans: Know What You're Giving Up
| Feature | Federal | Private |
|---|---|---|
| Income-driven repayment | ✅ Yes | ❌ No |
| Loan forgiveness | ✅ Yes (PSLF, etc.) | ❌ No |
| Deferment/Forbearance | ✅ Generous | ⚠️ Limited |
| Interest rate | Fixed (5-7%) | Variable (4-14%) |
Never refinance federal loans into private loans if you might need income-driven repayment or forgiveness.
When Refinancing Makes Sense
- You have high-interest private loans (8%+)
- Your credit score improved significantly since graduation
- You have a stable income and emergency fund
- You won't need federal protections
The Extra Payment Snowball
On a $30,000 loan at 6% for 10 years:
- Standard payment: $333/month, $9,967 total interest
- +$100/month: Pay off 2.5 years early, save $2,400 in interest
- +$200/month: Pay off 4 years early, save $4,100 in interest
💡 Compare Refinance Rates
See whether refinancing could lower your rate. A pre-qualification check may or may not affect your credit, depending on the lender — read their terms.
Try the free student loan calculator →The Bottom Line
Use our student loan calculator to model different scenarios. If you have federal loans under 5%, paying them off aggressively usually beats refinancing. If you have private loans over 8%, refinancing could save thousands.
Related: Debt-to-Income Ratio Calculator