Student Loan Calculator
Compare standard payoff, aggressive extra payments, and refinancing — see exact savings in months and dollars.
Loan Details
Standard plan
9y 11mo
Total interest: $12.6K
Payment: $400/mo
With extra payment
9y 11mo
Total interest: $12.6K
Payment: $400/mo
Saves $0 & 0 months
Refinanced
8y 11mo
Total interest: $7.5K
Rate: 4.5%
Saves $5.1K vs standard
Balance over time
Decision Guide
- Federal loans (US): Refinancing into a private loan forfeits forgiveness, IDR, and forbearance. Avoid unless you're ineligible for forgiveness and have stable income.
- Private loans: Refinance whenever you can drop the rate by 1%+ and have credit ≥720.
- Extra payments: Always apply to highest-rate loan first (avalanche). $50/month extra can shave years off your payoff.
- UK Plan 2: Wages-based repayment. Many borrowers never repay in full; aggressive payoff may not save money.
About this tool
A three-scenario student loan calculator: see how long you will pay under your current plan, what an extra monthly payment changes, and how much a refinance to a lower rate saves over the loan's life. Useful for federal and private loans across the US, UK, Canada, and Australia.
How to use it
Quick steps to get the most out of this utility.
- 1
Enter your balance and rate
Use the weighted average if you have multiple loans. Most servicers show this on the dashboard.
- 2
Set your monthly payment
Your standard payment from the loan servicer.
- 3
Try an extra amount
Even $50/month extra typically saves thousands and shaves years off the payoff.
- 4
Compare a refinance rate
Get a real quote from SoFi, Earnest, or your local credit union and plug in the rate to see the savings.
Federal vs private loans — completely different strategies
US federal loans have access to income-driven repayment, deferment, forbearance, and forgiveness programs that private loans don't. Refinancing federal loans into private loans is irreversible. Only do it if you're certain you don't need those protections — typically a high-income borrower with no PSLF eligibility.
Private loans have no special protections, so refinancing whenever you can drop the rate by 1%+ is almost always a win. Watch for variable-rate loans — they look cheap today but can reset higher in a rising-rate environment.
Frequently asked questions
Should I refinance my federal student loans?+
Refinancing federal loans into a private loan permanently forfeits federal benefits: income-driven repayment plans, Public Service Loan Forgiveness (PSLF), forbearance options, and death/disability discharge. Only refinance federal loans if you have stable high income, no plan to use forgiveness, and the new rate is at least 1% lower.
How does extra payment shorten my loan?+
Extra payments go directly to principal, reducing the balance interest is charged on. On a $35,000 loan at 6.5% with $400/month payments, an extra $100/month cuts the payoff by roughly 3 years and saves around $5,000 in interest.
What credit score do I need to refinance student loans?+
Most lenders require a 680 minimum, with the best rates reserved for 740+. Your debt-to-income ratio also matters — lenders generally want DTI below 40%. Co-signers can help if you have limited credit history.
What is income-driven repayment (IDR)?+
US federal IDR plans cap your monthly payment at 5–20% of discretionary income, with the remaining balance forgiven after 20–25 years (or 10 for PSLF). The forgiven amount may be taxable — though current rules provide tax-free forgiveness through 2025 and proposed extensions.
Should I pay off student loans or invest?+
A common rule: if your loan rate is below ~5%, prioritize investing (long-term S&P 500 returns are 7–10%). If above ~7%, pay off the loan first (guaranteed return). Between 5–7% it is a personal preference based on your risk tolerance and emotional attachment to debt.
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