A real example: $30,000 over 10 years
Say you graduate owing $30,000 at a 6% interest rate on a standard 10-year plan. Here's what that actually costs:
- Monthly payment: about $333
- Total interest paid: about $9,970
- Total repaid: about $39,970
Now add just $50 extra each month (a $383 payment). You'd be debt-free about 20 months sooner and save roughly $1,800 in interest. That's the power of paying a little extra — plug your own balance and rate into the calculator above to see your numbers.
How your monthly payment is calculated
A student loan is an amortizing loan: each fixed monthly payment covers that month's interest first, and whatever is left chips away at the balance (the principal). Early on, most of your payment goes to interest; as the balance shrinks, more of each payment attacks the principal, so the loan pays off faster and faster near the end. Three things drive the payment: your balance, your interest rate, and your repayment term. A longer term lowers the monthly payment but raises the total interest, because you're borrowing the money for more years.
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.
For the full step-by-step plan — including the servicer trick that makes sure extra payments actually reduce your balance — read the guide: How to Pay Off Student Loans Faster.
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
Compare refinance rates
A lower rate can save thousands over the life of your loans.
Check rates →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.