Your student loan
Your result
Estimates only, based on the numbers you enter and the rules shown. Not financial advice. Your lender or provider will use its own checks.
How it’s calculated
Each month, interest is charged on the balance (APR ÷ 12) and your payment is taken off. Paying extra goes straight to the balance, so less interest builds up every month after that. That is why a small extra payment can cut months or years off.
Is paying off student loans early a good idea?
| US federal loans | If you are working toward forgiveness, such as Public Service Loan Forgiveness (PSLF) or an income-driven plan, paying extra may not save you money, because the remaining balance may be forgiven. If you are not, extra payments cut interest. StudentAid.gov: Loan Simulator · StudentAid.gov: PSLF |
| UK Student Finance | Repayments depend on your income, and any balance left is canceled after a set number of years depending on your plan. If you are not expected to repay in full, overpaying may not save you money. GOV.UK: when your student loan is written off |
| Canada Student Loans | The federal government stopped charging interest on the federal part of Canada Student Loans from 1 April 2023. Provincial loans may still charge interest, so check yours. Canada.ca: repaying student loans |
| HELP debt | HELP debts are indexed each year rather than charged interest, and compulsory repayments depend on your income. You can make voluntary repayments. StudyAssist: repaying your HELP debt |
Paying off private student loans
Private loans usually have no forgiveness, so extra payments simply save interest. Check whether there is a prepayment penalty and ask the lender to apply extra money to the principal. If you have several loans, the debt payoff planner shows which to pay first.
Frequently asked questions
What is the best way to pay off student loans?
Make every required payment on time, then put extra toward the highest-rate loan (the avalanche method). First check whether you might qualify for forgiveness or an income-based plan, because then paying early may not help.
Should I pay off student loans or save?
Many people build a small emergency fund first, so a surprise bill doesn’t go on a credit card. After that, compare your loan rate with what you could earn on savings.
Can I use this for UK student loans?
You can use it to see the maths, but UK repayments are linked to income and unpaid balances are canceled after a set period, so read the UK note above first.