How to use the Loan Payoff Calculator
Enter your loan balance, interest rate, and repayment term. See your monthly payment, total interest, and how much extra payments save you. Use it to compare standard 10-year repayment vs. income-driven plans.
Federal loan rates (2024–25)
Undergrad Direct: 6.53%. Graduate Direct: 8.08%. PLUS Loans: 9.08%. Private loans vary by lender and credit score.
Income-Driven Repayment
SAVE, PAYE, IBR plans cap payments at 5–10% of discretionary income. Remaining balance forgiven after 10–25 years. Apply at studentaid.gov.
Power of extra payments
Just $100/month extra on a $35,000 loan at 6.5% saves over $4,000 in interest and cuts 2+ years off repayment.