Personal finance clarity

Student Loan Payoff Calculator

Several loans, one servicer — see which to attack first
👋 These are sample debts showing how the planner works — add your first debt and they'll clear automatically.
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Manage Groups
Nelnet
Total Debt
$52,700
5 loans · 1 group
Debt-Free In
5 yrs 7 mos
Total Interest
$13,442
Monthly Outflow
$998
$798 mins + $200 extra
Strategy & Extra Payment
Highest rate first — saves the most in interest. Ties broken by lowest balance.For your debts, snowball would cost $4,069 more in interest.
Using the avalanche method with $200/mo extra, you'll be debt-free in 5 yrs 7 mos — paying $13,442 total in interest.
Your Payoff Plan (Avalanche)
Debt-free in 5 yrs 7 mos$13,442 total interestExtra payments hit #1 first, then cascade down the list.
1
Credit Card$8,400 · 24.99% · $168/mo
Paid off in 2 yrs 8 mos$3,117 interest
2
Car Loan$14,200 · 7.9% · $285/mo
Paid off in 3 yrs 8 mos$2,623 interest
3
Loan C — Grad PLUSNelnet$14,100 · 7.54% · $165/mo
Paid off in 4 yrs 9 mos$3,832 interest
4
Loan B — UnsubsidizedNelnet$9,800 · 6.54% · $112/mo
Paid off in 5 yrs 4 mos$2,590 interest
5
Loan A — SubsidizedNelnet$6,200 · 4.99% · $68/mo
Paid off in 5 yrs 7 mos$1,280 interest
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Payment History
$0 logged · 0 payments
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Total Paid
$0
0 payments logged
Paid in 2026
$0
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Why student loans need their own plan

Most borrowers don’t have a student loan — they have six, sitting behind one servicer and one monthly bill. Each disbursement is its own loan with its own rate: subsidized around 5%, unsubsidized a bit higher, Grad PLUS higher still. That single bill hides a rate spread worth thousands of dollars, because where your extra payment lands decides how much interest you ever pay.

Group loans by servicer, target them individually

Add each loan separately with its own balance and rate, then tag them with a group (“Nelnet”, “MOHELA”) so the list mirrors your actual statements. The planner keeps the group view for sanity-checking against the bill, but it plans payoff loan by loan — so you can see that killing the 7.54% Grad PLUS first beats spreading the same money across all six.

The part servicers don't advertise

Pay extra and most servicers spread it proportionally across every loan in the account — or worse, treat it as paying next month’s bill early. Neither is what you want. You generally have to instruct them in writing to apply extra to the principal of a specific loan, then check the next statement to confirm they did. The plan below tells you which loan to name.

FAQ

Should I pay off my highest-rate student loan first?

Mathematically yes — that's the avalanche method, and it always costs the least interest. The exception is motivation: if a small balance you could erase this year keeps you going, snowball is fine. The planner shows exactly what that choice costs you in dollars, so it's an informed trade rather than a guess.

How do I make an extra payment go to one specific loan?

Tell your servicer in writing to apply the extra amount to the principal of that loan, and not to advance your due date. Most servicers default to splitting extra money across every loan proportionally, which quietly undoes the whole strategy. Verify on the next statement.

Does this work for private loans too?

Yes. Enter any mix of federal and private loans; the planner only needs a balance, an APR, and a minimum payment for each. Group them by whoever you actually write the check to.

What if I'm pursuing PSLF or an income-driven plan?

Then paying extra can actively hurt you — under forgiveness programs the goal is to pay the minimum for the required period and have the rest discharged. This planner models paying loans off in full, which is the wrong strategy in that case. Use it for loans you intend to actually retire.

Is it free?

Yes, and there's no signup. Your loan details stay in your browser unless you choose Pro, which syncs them across your devices.