Student Loan Payoff Calculator
Free student loan payoff calculator: see how much sooner you are debt-free and how much interest you save by paying extra each month, with a yearly schedule.
| Year | Paid | Interest | Balance |
|---|
| Plan | Monthly payment | Months | Total paid | Forgiven |
|---|
The plans apply to federal Direct Loans. Private loans follow their contract: use the payoff above.
Plans as set by the One Big Beautiful Bill Act (P.L. 119-21) for loans from July 1, 2026, per the Congressional Research Service and Federal Student Aid.
What it does
This calculator works out the monthly payment, the total interest and the payoff date of a student loan, and shows how much sooner you finish and how much interest you save with an extra payment each month. For federal loans it also compares the repayment plans created by the One Big Beautiful Bill Act: the Tiered Standard plan, with fixed payments over 10 to 25 years depending on the balance, and the Repayment Assistance Plan (RAP), where the payment is a percentage of your income, unpaid interest is waived and what is left after 30 years is forgiven.
How to use it
- Type the balance, the interest rate and the repayment term of your loan.
- Add an extra monthly payment to see the months and the interest you save.
- For federal loans, type your income and dependents to compare the Tiered Standard plan and RAP.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
What is the Repayment Assistance Plan (RAP)?
The income-driven plan for federal loans from July 1, 2026. You pay 1% to 10% of your adjusted gross income (1% from $10,001 to $20,000, one point more for each $10,000, 10% above $100,000), minus $50 a month per dependent, with a $10 minimum. Interest your payment does not cover is waived, and if your payment cuts the principal by less than $50 the government makes up the difference.
How long is the new standard plan?
For loans taken from July 1, 2026 the Tiered Standard plan sets the term by the amount you owe: 10 years below $25,000, 15 years up to $49,999, 20 years up to $99,999 and 25 years from $100,000.
Should I pay extra or invest?
Each extra dollar earns exactly your loan's interest rate, with no risk. If the rate is high (above about 6–7%), paying extra usually wins; if it is low, or if you may get forgiveness under RAP or Public Service Loan Forgiveness, investing or keeping an emergency fund may be better.
Is student loan interest tax-deductible?
Yes, up to $2,500 a year, even without itemizing. In 2026 the deduction phases out between $85,000 and $100,000 of modified AGI ($175,000 to $205,000 for joint returns).
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Federal Student Aid — One Big Beautiful Bill Act
Congressional Research Service — The Repayment Assistance Plan (RAP)