Student Loan Payoff Calculator
Extra payments on a student loan go to principal once interest is covered, which cuts both the payoff time and total interest. The first line shows what your balance costs you every day right now.
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How it works
Daily interest = balance x rate / 365, the simple daily interest formula Federal Student Aid describes. For the payoff schedule, interest each month = balance x rate / 12, which is very close. The payment covers interest first and the rest reduces principal until the balance is zero.
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FAQ
Is student loan interest daily?
Federal loans use simple daily interest. A monthly approximation is very close for planning.
Do extra payments go to principal?
Tell your servicer to apply extra to principal and not to advance the due date.
Does this cover income-driven plans?
No. It models a fixed payment. Use the Federal Student Aid Loan Simulator for income-driven plans.
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Estimates, not tax or financial advice. Check important numbers with a qualified professional.