Enter your loan information below and select an option to see how much you can save when you prepay your student loans.

Your Loan Information

Current Balance: Current Balance Help


Interest Rate: Interest Rate Help


Years Left to Pay Back: Years Left Help


Select an Option Below:

I can afford to make larger payments each month.
Pay an additional $ a month.

I want to reduce my principal balance by making one extra payment.
Apply one extra payment of $.

I want to pay off my student loan as quickly as I can.
Pay back in years.


Prepaying your student loan is a smart way to reduce your loan costs.

IMPORTANT FACTS: This calculator provides estimates intended for use only as a planning guide. Results are based on a standard repayment plan, where you pay a fixed amount every month for a set number of months, based on your loan term, the prepayment scenario you input above, and assumes:

  • A fixed interest rate and does not account for a variable interest rate;
  • Your loan is currently in repayment; and
  • A minimum monthly payment amount of $50.00.
  • We do not guarantee the calculator's accuracy or applicability to your circumstances, and we encourage you to consult a qualified professional for assistance in analyzing your overall financial situation.

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Current Balance

For loans in repayment, the current balance is your outstanding loan amount as of today.

For loans just entering repayment, the current balance is the original principal loan amount disbursed, any capitalized and accrued interest, and all applicable fees.

This information can be found online or on your paper statement.

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Interest Rate

This information can be found online or on your paper statement.

Please note that this calculator does not adjust for variable rates which may increase or decrease your monthly payment when the rate changes.

For a variable-rate loan, you pay the same amount every month for the period between potential interest rate changes. When interest rates change, your monthly payment may increase or decrease accordingly.

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Years Left to Pay Back

This is the length of time remaining to repay your loan. Typical repayment terms for private student loans range from 15 to 20 years. Terms may vary by loan type or lender.