Student Loan Payoff Calculator
Calculate payoff timeline and see how extra payments help
Student LoansDebt PayoffExtra Payments
Loan Details
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Payoff Comparison
Without Extra Payment
9 years, 2 months
Payoff Time
Monthly Payment$350
Total Interest$8,192
Total Paid$38,192
With Extra Payment
9 years, 2 months
Payoff Time
Monthly Payment$350
Total Interest$8,192
Total Paid$38,192
Payoff Date
November 2034
Estimated debt-free date
Total Cost
$38,192
Principal + Interest
Year-by-Year Breakdown
First 10 years of payments
Year 1
Balance: $27,385
Principal: $2,615 | Interest: $1,585
Year 2
Balance: $24,622
Principal: $2,763 | Interest: $1,437
Year 3
Balance: $21,703
Principal: $2,919 | Interest: $1,281
Year 4
Balance: $18,620
Principal: $3,083 | Interest: $1,117
Year 5
Balance: $15,363
Principal: $3,257 | Interest: $943
Year 6
Balance: $11,922
Principal: $3,441 | Interest: $759
Year 7
Balance: $8,287
Principal: $3,635 | Interest: $565
Year 8
Balance: $4,447
Principal: $3,840 | Interest: $360
Year 9
Balance: $390
Principal: $4,057 | Interest: $143
Year 10
Balance: $0
Principal: $390 | Interest: $2
Student Loan Payoff Strategies
Fast Payoff Methods
- • Make biweekly payments: Pay half every 2 weeks (13 payments/year)
- • Round up payments: Pay $400 instead of $350
- • Apply windfalls: Use tax refunds, bonuses toward principal
- • Pay more than minimum: Even $50 extra makes a difference
Repayment Plan Options
- • Standard: Fixed payments for 10 years
- • Graduated: Lower payments initially, increase over time
- • Extended: Lower payments over 25 years (more interest)
- • Income-Driven: Based on income (IBR, PAYE, REPAYE)
Important Tips
- • Always specify extra payments go toward principal
- • Federal loans offer more flexible repayment options
- • Refinancing may lower rates but loses federal protections
- • Check eligibility for loan forgiveness programs
- • Student loan interest is tax-deductible (up to $2,500)