Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans Student Loan Repayment Student Loan Prepayment and Payoff Calculator Updated Jun 18, 2025 5-min read Written by Timothy Moore, CFEI® Written by Timothy Moore, CFEI® Expertise: Bank accounts, credit cards, taxes, insurance, personal loans Timothy Moore is a Certified Financial Education Instructor (CFEI®) specializing in bank accounts, student loans, taxes, and insurance. His passion is helping readers navigate life on a tight budget. Learn more about Timothy Moore, CFEI® Student Loan Information Current Loan Balance Annual Interest Rate Loan Terms (Years) Prepayment Goal Pay off student loans faster bycontributing more per month Pay off student loans by achosen date New Monthly Payment Pay Off Student Loans in (Years) Calculator Results Current New Savings Repayment Length years years years Interest Payments Total Cost You could save overall on your student loans You will pay more overall on your student loans and pay them off years ahead of schedule. and pay them off years behind schedule. You will not pay off your student loans when making this monthly payment because your interest charges would be higher than your monthly payment. One in five Americans with a college degree has student loan debt, according to the Education Data Initiative, and it’s a huge problem. Student loan debt now totals more than $1.75 trillion in the U.S. With high interest rates on student loans, it can feel like you’re making payments each month with no real progress. Making larger monthly payments toward the principal could help you pay off your loans faster and with less total interest paid. Use our student loan payoff calculator to see how much you can save—and how soon you can be debt-free. How to calculate your ideal student loan payoff strategy An ideal student loan payoff strategy reduces how much interest you pay—and how long you’re making payments. However, accelerated payments should not mean forcing yourself to live in poverty or neglecting other higher-interest debts. How fast should I pay off my student loan? The faster you pay off your loan, the less you’ll spend on interest, and the sooner you’ll be debt-free. Use our student loan payoff calculator to see how much faster an accelerated payment plan can help you achieve financial freedom. For instance, assume a $30,000 balance on a 7.0% interest loan with 10 years left to pay. Use the calculator to see how different monthly payment sizes impact the repayment time: New monthly paymentNumber of years to pay off debt$4008 years$5006 years$6005 years$7004 years How much interest is saved with an early student loan payoff? Similarly, you can use our student loan calculator to find out how much money you’ll save in interest payments by paying off your student loan faster. Let’s use the same example from before: a $30,000 loan balance at 7% interest and 10 years remaining. By increasing how much you pay each month, you can save thousands of dollars in interest. New monthly paymentTotal interest savings$400$2,230$500$4,767$600$6,226$700$7,176 How frequently should I make student loan payments? Student loan payments are typically monthly, but you can elect for biweekly payments to pay your loans faster and save money in interest. Why? Because you’ll make 26 half payments over a year, rather than 12 full payments. That results in one additional payment each year. Alternatively, you can adjust your autopay each month to include an additional amount that goes completely (or mostly) to the principal. How much money should I put toward early student loan payments? The more money you put toward payments, the faster you’ll pay the loan off—and the more you’ll save in interest. However, you may not want to put all your extra money toward student loans. For true financial health, remember to: Pay down other high-interest debts Build an emergency fund in a high-yield savings account Invest in stocks and bonds if the ROI is greater than your student loan interest rate Which student loans should I pay off first? If you have both federal and private student loans, and there’s a chance your federal loans could be forgiven, it makes sense to prioritize paying private student loans first. That said, you could compare loans and prioritize those with the higher rates for the greatest savings; this is key to the debt avalanche strategy. Or you could find the debt with the smallest amount and pay it off first to knock it out—a part of the debt snowball strategy. If you’re struggling with multiple student loans with various rates and payment dates, you can also consider student loan consolidation. Can I lower my interest rate to speed up student loan payoff? Yes, you can refinance your student loan with a lower interest rate and the same loan term. This would lower your monthly payment, but you could still make the higher monthly payment you’re used to paying. This would help you pay off your student loan faster. Pros and cons of accelerated student loan payoff Weigh the advantages and disadvantages of accelerated student loan payoff before formulating your repayment plan: Pros You’ll pay less in interest The big reason to pay off student loans faster is to save money. Depending on the amount you owe and the interest rate, it could literally save you tens of thousands of dollars over time. You’ll be debt-free faster Paying your loans off faster gives you a chance of living a debt-free life. This isn’t just great for your financial health; it’s great for your emotional health, too! You can accomplish other financial goals When you no longer have a monthly loan payment, you can redirect that money toward other goals, like saving for a down payment on a house, paying off other debt, adding more flexibility into a tight budget, or investing for your retirement. Cons You’ll restrict your budget Paying more than you have to each month means you’ll have less money to cover other expenses. You might have to cut items from your budget or get a second income source. You may have higher-interest debt elsewhere Paying off student loans early doesn’t make the most sense if you have other debt with a higher interest rate, such as credit card debt. You’ll lose out on a tax deduction Each year, you save money on taxes with the student loan interest deduction. You’ll lose out on this deduction once you eliminate your student loans. Tips for speeding up student loan payoff Paying off your student loans can mean big savings in interest. Plus, it frees up money faster so you can save, spend, invest, or pay down other debts however you want. But how can you actually pay off student loans faster? Cut back expenses If your budget is tight but you want to pay your loans faster, you’ll have to get creative: Use coupons and buy generic brands at the grocery store. Shop around for a different auto insurance company to find a lower rate. Get rid of streaming services and subscriptions you rarely use. Limit how often you dine out. Get a side gig If you’ve eliminated all the expenses you can from your budget, get a new income stream. That might be a second job or a side gig, such as becoming a rideshare driver, dog walker, or tutor. Refinance Explore your student loan refinance options to see whether you can get a lower rate and a shorter loan term to pay off your debt faster and save money.