Student Loan Payoff Calculator
See exactly when your student loans are paid off, how much interest you will pay, and how extra payments cut years off your debt.
Standard 10-yr payment: $397/mo
Federal Student Loan Interest Rates 2025–2026
| Loan Type | Rate | |-----------|------| | Undergrad Direct Subsidized/Unsubsidized | 6.53% | | Graduate Direct Unsubsidized | 8.08% | | Parent PLUS / Grad PLUS | 9.08% |
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Income-Driven Repayment (IDR) Plans
If you cannot afford the standard 10-year payment, IDR plans cap your payment based on income:
| Plan | Payment Cap | Forgiveness | |------|-------------|-------------| | SAVE | 5% of discretionary (undergrad) | 10–20 years | | PAYE | 10% of discretionary | 20 years | | IBR | 10–15% of discretionary | 20–25 years | | ICR | 20% of discretionary or fixed 12-yr | 25 years |
PSLF (Public Service Loan Forgiveness): After 10 years (120 payments) in a qualifying government or nonprofit job, remaining balance is forgiven tax-free.
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The Real Cost of Minimum Payments
On a $35,000 loan at 6.5%, the standard 10-year monthly payment is approximately $397/month. Over 10 years you pay $12,600 in interest — 36% more than you borrowed.
Paying just $500/month instead reduces total interest to $8,100 and pays off the loan in 7.5 years.
Frequently Asked Questions
Q: What is the SAVE repayment plan?
A: SAVE (Saving on a Valuable Education) is an income-driven repayment (IDR) plan that caps payments at 5% of discretionary income for undergraduate loans. Remaining balances are forgiven after 10–20 years. Eligibility and payment amounts depend on your income and family size.
Q: Does paying extra on student loans really help?
A: Yes — significantly. Every extra dollar paid reduces your principal, which reduces future interest charges. On a $35,000 loan at 6.5%, paying just $100/month extra saves over $4,000 in interest and cuts 3+ years off repayment.
Q: Should I pay off student loans or invest?
A: If your student loan rate is below 5%, consider investing in index funds (historical average 7–10%) while making minimum payments. If your rate is above 7%, aggressively paying off debt beats investing. Between 5–7%, split the difference or consider your risk tolerance.
Q: What interest rate should I expect on federal student loans?
A: 2025–2026 federal student loan rates: 6.53% (undergraduate Direct), 8.08% (graduate Direct), 9.08% (Parent PLUS). Private loan rates vary widely based on credit score and lender.
Official Sources & Authority References
Important Disclaimer
This calculator provides estimates for informational purposes only and does not constitute tax, legal, or financial advice. Tax laws change annually — verify figures with IRS.gov or consult a qualified tax professional before making financial decisions.
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