Student loans cost far more than the interest rate alone.
Enter your loan details. See total interest, payoff timeline, and the wealth cost of delayed investing.
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True Total Cost of Your Student Loan
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What This Really Means
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Full Breakdown
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Payoff timeline
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Total interest
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True total cost
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Common Questions
Should I invest or pay off student loans?
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If your loan rate is below 5%, invest first (expected market return exceeds loan cost). Above 6%, prioritise the loan. Between 5-6%, do both simultaneously.
What about income-driven repayment?
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IDR plans lower monthly payments but extend the loan and increase total interest dramatically. This tool models standard repayment — IDR can change the numbers significantly.
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Disclaimer: For educational purposes only. Not financial advice. Projections use historical averages and are not guaranteed. Individual results will vary. Consult a qualified financial advisor before making financial decisions.
What Is the Student Loan Payoff Calculator?
This calculator shows how long it will take to pay off your student loans under different payment strategies — minimum payments, fixed extra monthly amounts, or lump-sum payments — and reveals the total interest you'll pay under each approach. It's designed for recent graduates or anyone carrying federal or private student debt who wants to see the real cost of their repayment plan.
How the Calculation Works
Student loan interest accrues daily on the outstanding principal balance: Daily Interest = Balance × (APR ÷ 365). Each month, 30 days of interest is added before your payment is applied. The payoff timeline runs month-by-month until the balance reaches zero. Adding just $100/month above the minimum on a $30,000 loan at 6.5% can cut payoff time by 4+ years and save over $3,500 in interest.
Why This Number Matters
The average federal student loan borrower carries $37,000 in debt at graduation. On the standard 10-year repayment plan at 6.5% interest, that borrower pays over $13,500 in interest alone — 36% on top of what they borrowed. Choosing an income-driven repayment plan may lower monthly payments but can double or triple total interest paid over 20–25 years.
Frequently Asked Questions
Should I pay off student loans aggressively or invest instead?
Compare your loan interest rate to your expected investment return. Federal loans at 5–6%: mathematically a coin-flip, but investing in a tax-advantaged 401k often wins due to the tax benefit. Private loans at 8–10%: pay those off aggressively — the guaranteed return from eliminating 8–10% debt beats expected market returns on a risk-adjusted basis.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives remaining federal student loan balances after 120 qualifying monthly payments (10 years) while working full-time for a qualifying government or nonprofit employer. If you're eligible, income-driven repayment plus PSLF can result in substantial forgiveness — but you must enroll in the right repayment plan and certify your employer annually.
Does refinancing student loans save money?
Refinancing can lower your rate — but refinancing federal loans into private loans permanently eliminates your access to income-driven repayment, PSLF, and federal deferment/forbearance options. Only refinance federal loans if you're certain you won't pursue forgiveness and have stable income sufficient to handle any repayment scenario.