Question 1

How much can I save by making extra payments on my student loans?

Accepted Answer

Even an extra $100 per month can save thousands in interest and shave years off your repayment timeline. The exact savings depend on your balance, interest rate, and how much extra you can pay each month. Use the calculator above to see your personalized savings.

Question 2

Should I refinance my student loans?

Accepted Answer

Refinancing can lower your interest rate and monthly payment, but it may mean giving up federal loan benefits like income-driven repayment plans and Public Service Loan Forgiveness. It's generally worth considering if you have good credit, stable income, and don't need federal protections.

Question 3

What is the fastest way to pay off student loans?

Accepted Answer

The fastest way is to pay as much above your minimum payment as possible. Every extra dollar goes directly toward principal, reducing the amount that accrues interest. Combining extra payments with refinancing to a lower rate can accelerate payoff even further.

Student Loan Payoff

Loan Details

Current Payoff

With Extra Payment

Refinanced

Total Cost Comparison

Accelerated Payoff Schedule