Student Loan Prepayment Calculator

Thinking about becoming debt-free faster? If you're looking to make extra payments now, use this calculator to estimate how much time and money you will save in the long-run by doing so.

Please enter your loan prepayment information.

info icon vector The total amount you owe as of today. An estimate is just fine!
info icon vector The interest rate you are currently paying, or the average interest rate across the multiple loans you have. Not sure what that is? Try a standard 5% for starters and play what-if games with different rates.
info icon vector The amount you are currently paying per month for your loan. An estimate is just fine! If you have a 10-year term, 1% of the loan balance will be in the right ballpark.
info icon vector How much extra you can pay per month. If you're not sure, play around with different amounts and see the big difference even $50 could make!

Making extra payments towards your student loan debt can help you pay off your loan balance quicker. You can pay more than the minimum or make multiple payments during the month. However, you need to confirm with each lender how prepayment works, so your payment is applied as an extra payment to the principal balance of the right loan and not treated as an early payment of the next installment.

Benefits of prepaying on your student loans and paying more than the minimum required payment include: paying off your student loans faster, saving money on interest and improving your debt-to-income ratio. The faster you pay off your student loan debt, the quicker you will be able to contribute money into a savings account or retirement account.

If you are making extra student loan payments, you may not be prioritizing other important financial moves, such as having an emergency fund. If you don't tell your lender how you want your extra payment applied, it may not go towards the loan it should. If you are seeking loan forgiveness, making extra payments may reduce the amount of loan forgiveness.

Make extra payments on the student loans with the highest interest rates and private student loans. It's a good idea to focus extra payments on private student loans over federal student loans, since federal student loans are eligible for forgiveness, income-based repayment and more generous deferments.

The two main ways to get extra money to repay your student loans quicker is to increase your income and cut spending. Increase your income by asking for a raise, finding a better-paying job, getting a job that offers student loan repayment benefits, freelancing, taking on gig work or selling your unwanted belongings. Cut spending by analyzing your budget to see where you can reduce spending. You can also find creative ways. Use a cash-back credit card to pay for everyday purchases (such as groceries and gas), pay off your balance in full every month and use that cash back towards your student loans. Sallie Mae offers a credit card that gives a 25% bonus if you use your cash rewards to pay off any federal or private student loan.

There are times when it may not make sense to pay off student loans early. This includes if you are working towards Public Service Loan Forgiveness or if you have other debt that has a higher interest rate, such as high-interest credit cards. It may also be better to build a solid emergency fund before you pay extra towards your student loans.

You can use an app that helps you save and pay off loans faster. The ChangEd app rounds up your purchases and applies that towards your student loan debt. For example, if you purchase lunch for $10.50, it will round up your total to $11 and that 50 cents is applied to your student loan debt.

At, our goal is to help you make smart decisions about saving and paying for education. Some of the products featured in this article are from our partners, but this doesn't influence our evaluations. Our opinions are our own.