Student Loan Repayment Calculator

Student Loan Repayment Calculator

See how extra payments may impact the total cost of your loan, and help you pay off your student loan sooner.

Plug in your loan details and select a payment option to see how you can pay off your loan sooner. There’s never a penalty for prepaying your student loan.

How do I calculate the loan balance?


This information can be found online or on your paper statement.


What is the monthly payment?


This is the minimum payment amount due each month on your statement.


What is the interest rate?


This is the current interest rate you are paying on your student loan and it can be found on your paper or online statement. Please note that this calculator does not adjust for variable rates.

Error Based on the information you provided, your repayment term exceeds the maximum of 30 years. Please adjust your numbers to recalculate.

I want to:

Pay extra

Pay extra

Pay sooner

Pay off my loan sooner


The calculator assumes your extra payment is a one-time occurrence applied toward your principal balance.

1 20

Let’s see your estimated savings.

If you make an extra payment of $1,000 toward your principal balance, you can shorten your repayment term to approximately 4.8 and save $1288.67 in interest over the life of the loan.

If you pay off your loan in 10 years by making additional monthly payments of approximately $254.84, you can save an estimated $3466.33 in interest over the life of the loan.

Total loan cost

This calculator provides estimates intended for use only as a planning guide. Results are based on a standard repayment plan, where you pay a fixed amount every month for a set number of months, based on your loan term, the prepayment scenario you input above, and assumes:

  • A fixed interest rate that will remain the same throughout the life of the loan;
  • Your loan is currently in repayment; and
  • A minimum monthly payment amount of $50.00.

We do not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a qualified professional for assistance in analyzing your overall financial situation.

How helpful was this content?




Interested in private student loans?

Learn More