🎓 Student Loan Calculator — Free Payoff Tool 2026
Free Student Loan Calculator — Estimate monthly payments, total interest, and payoff date. Compare extra payments and see amortization schedule. Plan your student debt freedom.
📅 Amortization Schedule (Yearly)
| Year | Principal Paid | Interest Paid | Extra Payment | Remaining Balance |
|---|---|---|---|---|
| Enter values to see schedule | ||||
🔹 How Interest Accrues
Student loans accrue interest daily (simple interest). Subsidized loans don't accrue interest during deferment; unsubsidized do. Our calculator handles both via deferment and capitalization options.
🔹 Standard vs Extended Repayment
Standard plans are 10 years. Extended plans go 20-25 years with lower payments but much more interest. Choose based on your budget.
🔹 Extra Payment Strategy
Even $50/month extra can save thousands and cut years off your loan. Apply extra to the highest-interest loan first (avalanche) for maximum savings.
🔹 Deferment & Capitalization
During deferment, interest may accrue. Capitalization adds that interest to principal, increasing future payments. Avoid capitalization if possible.
🔹 Refinancing vs Federal Benefits
Refinancing to a lower rate saves money but loses federal protections (income-driven repayment, forgiveness). Consider carefully.
🔹 Loan Forgiveness Programs
PSLF (Public Service Loan Forgiveness) forgives remaining balance after 120 payments for qualifying employers. Our calculator helps baseline standard payoff.