Student Loan Payoff Calculator
Enter your balance, rate, and payment — plus any extra you can add. See your debt-free date and exactly what the extra payments save.
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The math of student loan payoff
A $35,000 balance at 6% on the standard 10-year federal plan runs about $389/month and costs roughly $11,600 in interest. Adding $70/month cuts about 1 year 8 months off the timeline and saves around $2,000.
Each extra dollar goes to principal — reducing every future month's interest.
Before you prepay federal loans, check these
- Chasing forgiveness? If you are on track for PSLF (public service) or income-driven forgiveness, extra payments can be money burned — the remaining balance would be forgiven anyway.
- Income-driven plans: payments are set by income, not balance; prepaying speeds nothing unless you intend a full payoff.
- Targeting: with multiple loans, direct extra payments at the highest-rate loan and tell the servicer "apply to principal" — compare orders with the snowball vs avalanche calculator.
- Refinancing: private refinancing can cut the rate but permanently forfeits federal protections (income-driven plans, forbearance, forgiveness). Safe mostly for high, stable incomes.
Frequently asked questions
How long does it take to pay off $35,000 in student loans?
On the standard 10-year federal plan at 6%, exactly 10 years at about $389/month with ~$11,600 interest. Adding $70/month finishes about 20 months sooner and saves roughly $2,000.
Should I pay off student loans early?
Usually yes for private loans and high rates. For federal loans, first rule out forgiveness paths (PSLF, income-driven) — prepaying a loan headed for forgiveness wastes money.
Do extra payments go to principal automatically?
Not always — some servicers "advance the due date" instead, which saves nothing. Instruct them in writing to apply extra amounts to principal on your highest-rate loan.
Is student loan interest tax deductible?
In the US, up to $2,500/year of student loan interest is deductible above-the-line, phasing out at higher incomes. It softens but rarely changes the payoff math.
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Last updated: 2026-07-07