Plan your student loan payoff with our free calculator. Add all your federal and private loans, choose a repayment strategy (avalanche, snowball, or equal), and see exactly how long it will take to be debt-free. Add extra payments to see how much interest you can save.
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Federal student loans offer fixed interest rates, income-driven repayment plans, and potential loan forgiveness programs. Private loans from banks or credit unions may offer competitive rates for borrowers with excellent credit but lack the flexible repayment options and borrower protections of federal loans. Always exhaust federal loan options before turning to private lenders. Our calculator helps you compare the total cost of different loan scenarios.
The two most popular debt repayment strategies are the avalanche method (pay highest-interest debt first to minimize total interest) and the snowball method (pay smallest balance first for psychological wins). With student loans specifically, making payments during the grace period, setting up autopay for a rate discount (usually 0.25%), and directing any extra payments toward principal can shave years and thousands of dollars off your repayment timeline.