Student Loan Calculator
Your payment and payoff date, and what paying a little extra actually saves.
The standard payment
Student loans amortize like any fixed loan: $30,000 at 5% over the standard 10 years is $318 a month and about $8,180 of interest. Income-driven plans lower the payment by stretching the term, which raises the lifetime interest unless forgiveness applies at the end.
Why small extra payments punch hard
Every extra dollar goes straight to principal, which stops earning interest against you for the rest of the loan. On that same $30,000 loan, $100 extra a month finishes about 3 years early and saves roughly a quarter of the total interest. Tell your servicer to apply extra amounts to principal, not to advance the due date.
Order of operations
If you hold several loans, extra payments belong on the highest rate first while paying minimums on the rest (see the debt payoff calculator). Refinancing can cut the rate on private loans, but refinancing federal loans into a private one gives up income-driven plans and forgiveness programs permanently.