FAQ
How does this student loan payoff calculator work?
Enter your balance and APR to see the fixed monthly payment, months to payoff, and total interest at 5, 10, and 15-year terms, plus what an extra $100 a month toward principal saves. Student loans accrue interest daily on federal loans, well approximated monthly by the stated APR divided by 12, with no compounding during normal repayment.
Does this include income-driven repayment plans?
No. This tool models fixed-payment repayment only, the standard 10-year federal plan or a fixed-rate private loan. Income-driven repayment plans set the payment from income and recalculate it annually, so the numbers here will not match that schedule. Check studentaid.gov for current income-driven plan options.
Is there a penalty for paying off student loans early?
No, neither federal nor private student loans carry a prepayment penalty by law. Tell your servicer explicitly that extra payments should go to principal, otherwise some servicers just advance the next due date instead of reducing the balance faster.
Other debt types: credit card payoff calculator, car loan payoff calculator, personal loan payoff calculator.
Atlas tracks your real balance and recomputes your payoff date as you pay it down.
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