Student Loan Payoff Calculator
Calculate your path to becoming student debt-free. See your payoff timeline and total interest.
Student Loan Payoff Calculator
Calculate your student loan payoff timeline and total interest
Formula
Months = -log(1 - (r × B / P)) / log(1 + r)How to Use This Calculator
- 1
Enter loan balance
Input your current student loan balance.
- 2
Add interest rate
Enter your loan's annual interest rate.
- 3
Set monthly payment
Enter how much you can pay each month.
- 4
View timeline
See how long until you're debt-free.
Frequently Asked Questions
What is the average student loan interest rate?
Federal student loan rates typically range from 4-7%. Private loans can be higher, ranging from 3-14% depending on credit.
Should I pay more than the minimum?
Yes! Extra payments go directly to principal, reducing total interest paid and shortening your payoff timeline.
What is income-driven repayment?
IDR plans cap your monthly payment at a percentage of your discretionary income, making payments more manageable.