Student Loan Payoff Calculator
Add all your student loans — federal and private — and see exactly when you'll be debt-free, how much interest you'll pay, and the optimal payoff order.
Why Student Loan Payoff Is More Complicated
Most borrowers have 4–12 separate loans with different rates, servicers, and terms.
Multiple loan types
Subsidized, unsubsidized, PLUS, Grad PLUS, and private loans all behave differently and often have different interest rates.
Rate variation
Federal student loan rates change each year. A 4-year degree can leave you with loans ranging from 4% to 8%+ depending on when they were disbursed.
Repayment options
Standard, income-driven, graduated, and extended plans all lead to different payoff timelines and interest totals — and the right one depends on your situation.
How to Prioritize Your Student Loans
List every loan with its rate
Log into studentaid.gov for federal loans and your servicer's portal for private. Note each loan's balance, interest rate, and monthly minimum.
Attack the highest-rate loans first
Pay minimums on everything, then put extra money toward the highest-rate loan. Private student loans often have the highest rates (sometimes variable) and should usually be priority #1.
Don't overpay low-rate federal loans
If you have federal loans at 3–4% and high-rate credit card debt, prioritize the credit cards. Low-rate federal loans are often the last debt you should rush to pay off.
Automate to get your interest rate discount
Most federal loan servicers offer a 0.25% rate reduction for autopay enrollment. It's free money — always enroll.
Example: $45,000 in Student Loans
Typical 4-year grad with mixed federal and private loans, $200/month extra payment.
Standard 10-Year Plan
With $200/mo Extra (Avalanche)
Frequently Asked Questions
Should I pay off student loans early or invest?
It depends on your interest rate. If your rate is below 6%, investing in index funds may generate better long-term returns. If your rate is 7%+, paying off the loan early is a guaranteed return. Many people split the difference: invest enough to get any 401k employer match, then attack the loans.
Does paying extra on student loans hurt if I'm pursuing PSLF?
Yes — if you're working toward Public Service Loan Forgiveness, you want to make the minimum qualifying payments and let forgiveness eliminate the rest. Paying extra only benefits you if you won't qualify for forgiveness.
Which student loans should I pay off first?
Mathematically, pay off your highest-rate loans first (avalanche method). Often this means private loans before federal ones. Check if any of your federal loans have rates above 7%, as those should also be prioritized.
Can I deduct student loan interest on my taxes?
Yes — up to $2,500/year in student loan interest may be deductible if your income is below the phase-out threshold (around $75K single, $155K married in 2024). This effectively reduces your real interest rate, which matters when deciding whether to pay off early or invest.
Build Your Student Loan Payoff Plan
Add all your loans in one place and see the optimal payoff order. Free, no account needed.
Start Free — No Account Needed