{"tool":{"slug":"student-loan-payoff","name":"Student loan payoff calculator","version":"2026-08-22","canonicalUrl":"https://carlo.finance/tools/student-loan-payoff","jsonUrl":"https://carlo.finance/tools/student-loan-payoff.json","pageUrl":"https://carlo.finance/tools/student-loan-payoff","parameters":[{"key":"extra","label":"Extra toward principal each month","unit":"usd-per-month","min":0,"max":1000000,"default":200,"sourceId":null,"help":"Paid on top of the scheduled bill every month. Federal loans carry no prepayment penalty, but a prepayment at or above the monthly amount advances your next due date unless you tell the servicer to apply it to principal. The default is an example, not a statistic."},{"key":"term","label":"Repayment term","unit":"years","min":1,"max":30,"default":10,"sourceId":"cfr-208","integer":true,"help":"Ten years is the standard plan. How much longer you can go is set by the balance and by when you borrowed, not by preference. Any borrower holding a Direct Loan made on or after July 1, 2026 is on the Tiered Standard ladder, 10 to 25 years by total balance. A borrower with nothing newer stays on ten years unless the loans are consolidated, which stretches to 12 to 30 years."}]},"inputs":{"extra":200,"term":10,"loans":[{"name":"Undergrad unsubsidized","balance":19000,"annualRatePct":6.52},{"name":"Grad unsubsidized","balance":12000,"annualRatePct":8.07},{"name":"Grad PLUS","balance":7000,"annualRatePct":9.07}]},"result":{"start":"2026-08-22","termYears":10,"loanCount":3,"totalBalance":38000,"weightedRate":7.4792,"consolidationRate":7.5,"tieredMaxYears":15,"consolidationTermYears":20,"maxTermYears":20,"scheduledPayment":450.91,"minimumApplied":false,"firstMonthInterest":236.84,"standard":{"months":120,"payoffDate":"Aug 2036","totalInterest":16109.24,"totalPaid":54109.24,"monthlyOutlay":450.91,"order":[{"id":"loan-1","name":"Undergrad unsubsidized","month":120,"date":"Aug 2036","interestPaid":6912.15},{"id":"loan-2","name":"Grad unsubsidized","month":120,"date":"Aug 2036","interestPaid":5524.48},{"id":"loan-3","name":"Grad PLUS","month":120,"date":"Aug 2036","interestPaid":3672.61}]},"accelerated":{"months":73,"payoffDate":"Sep 2032","totalInterest":8874.84,"totalPaid":46874.84,"monthlyOutlay":650.91,"order":[{"id":"loan-3","name":"Grad PLUS","month":27,"date":"Nov 2028","interestPaid":761.05},{"id":"loan-2","name":"Grad unsubsidized","month":53,"date":"Jan 2031","interestPaid":2921.66},{"id":"loan-1","name":"Undergrad unsubsidized","month":73,"date":"Sep 2032","interestPaid":5192.13}]},"monthsSaved":47,"interestSaved":7234.4,"loans":[{"name":"Undergrad unsubsidized","balance":19000,"annualRatePct":6.52,"id":"loan-1","scheduledPayment":215.93,"firstMonthInterest":103.23},{"name":"Grad unsubsidized","balance":12000,"annualRatePct":8.07,"id":"loan-2","scheduledPayment":146.04,"firstMonthInterest":80.7},{"name":"Grad PLUS","balance":7000,"annualRatePct":9.07,"id":"loan-3","scheduledPayment":88.94,"firstMonthInterest":52.91}],"yearly":[{"year":1,"paid":7810.92,"interest":2650.52,"principal":5160.4,"balance":32839.6},{"year":2,"paid":7810.92,"interest":2209.48,"principal":5601.45,"balance":27238.15},{"year":3,"paid":7810.92,"interest":1739.31,"principal":6071.62,"balance":21166.54},{"year":4,"paid":7810.92,"interest":1255.67,"principal":6555.26,"balance":14611.28},{"year":5,"paid":7810.92,"interest":750.23,"principal":7060.7,"balance":7550.58},{"year":6,"paid":7810.92,"interest":269.58,"principal":7541.34,"balance":9.24},{"year":7,"paid":9.29,"interest":0.05,"principal":9.24,"balance":0}]},"drivers":[{"key":"extra","label":"Extra toward principal each month","step":100,"monthsDelta":-12,"interestDelta":-1546.87,"sentence":"Another $100 a month on top of what you already add clears the loans 12 months sooner, in Sep 2031, and saves $1,547 of interest."},{"key":"balance","label":"Grad PLUS balance","step":-1000,"monthsDelta":-1,"interestDelta":-377.3,"sentence":"Putting $1,000 against the Grad PLUS today, your most expensive loan at 9.07%, saves $377 of interest and 1 month, because it also cuts the $7.56 a month that $1,000 was accruing."},{"key":"term","label":"Repayment term","step":5,"monthsDelta":16,"interestDelta":2136.91,"sentence":"Stretching the term to 15 years drops the scheduled bill by $99 a month, to $352, and adds $2,137 of interest at the same extra payment."}],"sensitivity":{"byExtra":[{"extra":0,"monthlyOutlay":450.91,"months":120,"payoffDate":"Aug 2036","totalInterest":16109.24,"monthsSaved":0,"interestSaved":0},{"extra":100,"monthlyOutlay":550.91,"months":90,"payoffDate":"Feb 2034","totalInterest":11328.25,"monthsSaved":30,"interestSaved":4780.99},{"extra":250,"monthlyOutlay":700.91,"months":66,"payoffDate":"Feb 2032","totalInterest":8024.27,"monthsSaved":54,"interestSaved":8084.97},{"extra":500,"monthlyOutlay":950.91,"months":46,"payoffDate":"Jun 2030","totalInterest":5461.67,"monthsSaved":74,"interestSaved":10647.57},{"extra":1000,"monthlyOutlay":1450.91,"months":29,"payoffDate":"Jan 2029","totalInterest":3374.15,"monthsSaved":91,"interestSaved":12735.09}],"byTerm":[{"years":10,"scheduledPayment":450.91,"months":120,"payoffDate":"Aug 2036","totalInterest":16109.24},{"years":15,"scheduledPayment":352.17,"months":180,"payoffDate":"Aug 2041","totalInterest":25391.23},{"years":20,"scheduledPayment":306.08,"months":240,"payoffDate":"Aug 2046","totalInterest":35458.05},{"years":25,"scheduledPayment":280.78,"months":300,"payoffDate":"Aug 2051","totalInterest":46234.5},{"years":30,"scheduledPayment":265.66,"months":360,"payoffDate":"Aug 2056","totalInterest":57636.69}]},"assumptions":[{"key":"extra","label":"Extra toward principal each month","value":200,"unit":"usd-per-month","provided":false,"source":null},{"key":"term","label":"Repayment term","value":10,"unit":"years","provided":false,"source":{"id":"cfr-208","name":"34 CFR 685.208, Direct Loan Program fixed payment repayment plans","url":"https://www.law.cornell.edu/cfr/text/34/685.208","asOf":"2026-08-22","note":"The section splits on July 1, 2026. Paragraph (b) governs borrowers who have not received a Direct Loan on or after that date: the standard plan repays in full within ten years, payments are at least $50 a month except that the final payment may be less, and a Direct Consolidation Loan that entered repayment on or after July 1, 2006 gets a longer period set by balance, 12 years at $7,500, 15 at $10,000, 20 at $20,000, 25 at $40,000, and 30 at $60,000 and above. Paragraphs (b)(8) and (c)(1), both added by 91 FR 23886 (May 1, 2026), put every borrower holding a Direct Loan made on or after July 1, 2026 on the Tiered Standard plan, on one ladder set by the total Direct Loan balance at the time the borrower enters repayment: 10 years under $25,000, 15 years at $25,000, 20 years at $50,000, and 25 years at $100,000 and above, with the same $50 minimum except that a balance under $50 bills the outstanding amount due."}},{"key":"loans","label":"Loan list (total balance)","value":38000,"unit":"usd","provided":false,"source":{"id":"fsa-rates","name":"Federal Student Aid, interest rates for Direct Loans first disbursed July 1, 2026 through June 30, 2027","url":"https://fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2026-06-04/interest-rates-federal-direct-loans-first-disbursed-between-july-1-2026-and-june-30-2027","asOf":"2026-06-04","note":"Direct Subsidized and Direct Unsubsidized Loans for undergraduate students 6.52%; Direct Unsubsidized Loans for graduate and professional students 8.07%; Direct PLUS Loans 9.07%. Each rate is fixed for the life of the loan."}}],"sources":[{"id":"fsa-rates","name":"Federal Student Aid, interest rates for Direct Loans first disbursed July 1, 2026 through June 30, 2027","url":"https://fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2026-06-04/interest-rates-federal-direct-loans-first-disbursed-between-july-1-2026-and-june-30-2027","asOf":"2026-06-04","note":"Direct Subsidized and Direct Unsubsidized Loans for undergraduate students 6.52%; Direct Unsubsidized Loans for graduate and professional students 8.07%; Direct PLUS Loans 9.07%. Each rate is fixed for the life of the loan."},{"id":"cfr-208","name":"34 CFR 685.208, Direct Loan Program fixed payment repayment plans","url":"https://www.law.cornell.edu/cfr/text/34/685.208","asOf":"2026-08-22","note":"The section splits on July 1, 2026. Paragraph (b) governs borrowers who have not received a Direct Loan on or after that date: the standard plan repays in full within ten years, payments are at least $50 a month except that the final payment may be less, and a Direct Consolidation Loan that entered repayment on or after July 1, 2006 gets a longer period set by balance, 12 years at $7,500, 15 at $10,000, 20 at $20,000, 25 at $40,000, and 30 at $60,000 and above. Paragraphs (b)(8) and (c)(1), both added by 91 FR 23886 (May 1, 2026), put every borrower holding a Direct Loan made on or after July 1, 2026 on the Tiered Standard plan, on one ladder set by the total Direct Loan balance at the time the borrower enters repayment: 10 years under $25,000, 15 years at $25,000, 20 years at $50,000, and 25 years at $100,000 and above, with the same $50 minimum except that a balance under $50 bills the outstanding amount due."},{"id":"cfr-211","name":"34 CFR 685.211, Direct Loan Program miscellaneous repayment provisions","url":"https://www.law.cornell.edu/cfr/text/34/685.211","asOf":"2026-08-22","note":"A payment is applied first to accrued charges and collection costs, then to outstanding interest, then to outstanding principal. A borrower may prepay all or part of a loan at any time without penalty, and a prepayment at or above the monthly amount advances the due date of the next payment unless the borrower requests otherwise."},{"id":"cfr-219","name":"34 CFR 685.219, Public Service Loan Forgiveness program","url":"https://www.law.cornell.edu/cfr/text/34/685.219","asOf":"2026-08-22","note":"After 120 qualifying monthly payments made after October 1, 2007 while employed full time by a qualifying employer, the Secretary forgives the principal and accrued interest remaining on the loans. The qualifying repayment plans include the ten-year standard repayment plan."},{"id":"cfr-202","name":"34 CFR 685.202(a)(10), interest rate on a Direct Consolidation Loan","url":"https://www.law.cornell.edu/cfr/text/34/685.202","asOf":"2026-08-22","note":"For consolidation applications received on or after July 1, 2013, the interest rate is the weighted average of the interest rates on the loans being consolidated, rounded to the nearest higher one-eighth of one percent, with no cap."}],"warnings":[],"notModeled":["Income-driven repayment. A federal plan can set the payment from your income and household size instead of from the balance, which changes the payoff date, the total interest, and whether a balance is left to forgive. Price it at /tools/idr-payment.","Public Service Loan Forgiveness. 120 qualifying monthly payments while working full time for a qualifying employer forgives the principal and accrued interest that remain, and the ten-year standard plan is a qualifying plan (34 CFR 685.219). Paying the loans off faster than the plan requires shrinks the balance that would have been forgiven. Check it at /tools/pslf before optimizing anything on this page.","Forbearance, deferment, and capitalized interest. Unpaid interest that capitalizes is added to principal and then earns interest itself. Enter the balance your servicer shows today, not the amount you originally borrowed.","Refinancing to a private lender. It can lower the rate, and it permanently gives up income-driven repayment, forgiveness, and federal deferment. This page models federal-style fixed repayment only."],"disclaimer":"This models the standard, fixed-payment repayment plan on the loans you enter: fixed rates, a level monthly bill, and every extra dollar applied straight to principal on the most expensive loan first. It does not model income-driven repayment, Public Service Loan Forgiveness, forbearance, capitalized interest, refinancing, or the tax treatment of a forgiven balance. It is not repayment counseling or financial advice."}