How to pay off student loans faster
- Pay extra toward principal. Every dollar above the minimum goes straight at the balance and saves future interest — try raising the "extra payment" above.
- Target the highest rate first. If you have multiple loans, throw extra money at the one with the highest interest rate (the avalanche method).
- Consider refinancing. If you have strong credit and stable income, refinancing to a lower rate can cut total interest — though for federal loans, weigh the loss of federal protections first.
Should you rush it?
Student loan rates are often moderate. If your rate is low, you might do better investing extra money instead of overpaying — see pay off debt or invest? and compare with the compound interest calculator.
Lower your rate
Refinance
Compare refinance rates
A lower rate can save thousands over the life of your loans.
Check rates →
Plan
Budget your payments
Fit your loan payment into a simple plan with the 50/30/20 rule.
Open budget tool →Frequently asked questions
Is this for federal or private loans?
The math works for both. Federal loans offer income-driven plans and forgiveness options this simple calculator doesn't model, so treat it as an estimate.
Why does a longer term cost more?
Lower monthly payments mean you borrow the money for longer, so more interest accrues overall. Switch the term above to see the difference.