Student Loan Payoff Calculator
Enter your loans to see your payoff timeline and how much interest you can save with extra payments. AI shows you the fastest path to debt-free.
Refinance Student Loans — Save Thousands
SoFi can lower your interest rate and monthly payment. Check your new rate in 2 minutes with no impact to your credit score. No fees, ever.
Check Your Rate FreeHow Student Loan Repayment Works
Student loans accrue interest daily based on your outstanding balance and interest rate. Your monthly payment first covers accrued interest, then reduces the principal. In the early years, most of your payment goes to interest — which is why extra principal payments early in the loan save the most money.
Federal vs. Private Student Loans
Federal loans offer income-driven repayment plans, deferment, forbearance, and potential forgiveness. Private loans have none of these protections but sometimes offer lower rates for creditworthy borrowers. Always exhaust federal loan options before taking private loans — the flexibility is worth more than a slightly lower rate.
Frequently Asked Questions
Related Articles
Income-Driven Repayment in 2026: Which Plans Exist and When Forgiveness Happens
IDR forgiveness takes 20, 25, or 30 years depending on which plan you're on — and the plan lineup changed dramatically in 2026. Here's what's still available and how long forgiveness actually takes.
What Is Public Service Loan Forgiveness (PSLF) and How Do You Qualify?
PSLF forgives federal student loan balances after 10 years of public service payments — tax-free. Here's exactly who qualifies, what counts, and how to apply.
How to Qualify for Student Loan Forgiveness: All Your Options Explained
Beyond PSLF, there are multiple federal student loan forgiveness programs. Here's a complete guide to every option — who qualifies and how to apply.