Your Student Loan
Total principal you owe (or one loan's share — run it per loan for accuracy)
2025–26 federal Direct Loans: 6.53% undergrad; private loans often 5%–14%
Standard federal repayment is 10 years; Extended plans run up to 25
Set 0 to skip. Extra goes 100% to principal and shortens the loan
Your Payoff Summary
Extra-payment takeaway: Enter your numbers to see the savings.
Calculation method
Standard amortizing loan. Monthly rate i = APR ÷ 12. Scheduled payment = P × i × (1+i)^N ÷ ((1+i)^N − 1). With an extra payment, each month you pay scheduled + extra; when a payment would exceed the remaining balance plus that month's interest, you pay exactly that amount and the loan ends early. Months are converted to a payoff date using the current calendar month. All math runs in integer cents to avoid floating-point drift.
Amortization Schedule (with Extra Payment)
| No. | Payment | Principal | Interest | Remaining |
|---|
Showing the first 5 and last 5 months. Middle months are collapsed.
❓ Student Loan FAQ
Standard vs extended repayment: what's the difference?
The 10-year Standard Plan has the highest monthly payment but the lowest total cost — on a $38,000 balance at 6.5% you pay roughly $13,000 of interest over the decade. Extended Repayment stretches payments over up to 25 years (fixed or graduated), cutting the monthly payment dramatically but often doubling or tripling lifetime interest. Rule of thumb: choose Extended only if the Standard payment exceeds about 10% of your gross income; otherwise keep Standard and prepay instead.
What's the smartest way to use extra payments?
Direct extra money at the highest-APR loan first (the "avalanche" method — it saves the most interest mathematically; the "snowball" method that clears smallest balances first wins on motivation). Two must-dos: tell your servicer to apply extra amounts to principal of the targeted loan, NOT as an advance payment of next month's bill; and never prepay federal loans while pursuing PSLF or IDR forgiveness — extra dollars can shrink the balance that would have been forgiven. If you plan to repay in full, extra payments are nearly pure savings.
When does refinancing make sense?
Refinancing through a private lender makes sense when you have a strong credit profile (typically 680+ FICO), steady income, and can beat your current weighted APR by about 1 percentage point or more — common when replacing high-APR private loans (9%–14%) or legacy federal loans. The catch is irreversible: refinanced federal loans permanently lose PSLF, IDR forgiveness, federal deferment and forbearance. Never refinance federal loans if you might need those safety nets; refinancing private loans carries no such trade-off.
What forgiveness options exist (PSLF, IDR)?
PSLF forgives the remaining balance after 120 qualifying monthly payments (10 years) while working full-time for government or 501(c)(3) employers — enrollment in an IDR plan is usually required to maximize forgiveness. IDR plans (SAVE-era successors, PAYE, IBR, ICR) cap payments at roughly 5%–20% of discretionary income and forgive whatever remains after 10–25 years depending on the plan and undergrad/grad borrowing mix. Note: several IDR and PSLF parameters have faced legal and policy changes in 2025–26, so confirm current rules at StudentAid.gov before relying on forgiveness.
What happens if I become delinquent?
Federal loans are delinquent the day after a missed payment; at 90 days the servicer reports it to credit bureaus, and at 270 days federal loans enter default — enabling wage garnishment up to 15%, tax-refund offsets, collection fees, and loss of future federal aid eligibility. A 90-day delinquency can knock 60–100+ points off your credit score and stay on your report for up to 7 years. If you can't pay, act before missing a payment: switch to an IDR plan (federal payments can drop to $0), request deferment or forbearance, or call your private lender about hardship options.