2021 NerdWallet Best-of Awards Winner for Best Student Loan Refinancing Overall
2021 NerdWallet Best-Of Awards Winner

Student Loan Prepayment Calculator

Want to make additional payments against your total student loan balance? Calculate how much time and money it will save you in seconds.

Enter Your Loan Information

Loan Balance
Your remaining student loan debt to be repaid.
Interest Rate
The amount that the lender charges in interest, expressed as a percentage.

%

Current Monthly Payment
The total amount of your monthly student loan bill.
Add Multiple Loans to Calculate
Additional Monthly Prepayment
This is the extra amount you would like to put toward your loan every month in addition to your regular monthly payment.

Add Multiple Loans

Insert additional loan

Results

Current Payment w/ extra payment Difference
Term 10 years
Payoff Date
Total Interest $16,560

Ready to pay off student loans early? Compare your best refinance rates and tersm in seconds to see how much time and money you could save.

Our Picks for the Best Student Loan Refinancing Companies

Fixed Rate

2.74% – 7.99% APR

Term

5 -20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

2.74% – 7.99% APR

Term (years)

5-20

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR

Eligible Loans

Federal & Private

Purefy Rating

Lightning-fast loan processing
Up to 12 months financial hardship deferment
Doesn’t offer cosigned loans

Fixed Rate

4.49% – 6.68% APR​

Term

5, 8, 12, or 15 years

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

4.49% – 6.68% APR​

Term (years)

5, 8, 12, or 15

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Spouse couples can refinance together using combined income
Become a member of the credit union at no cost when you refinance
Temporary and permanent financial hardship assistance available

Fixed Rate

3.49% – 7.99% APR with autopay

Term

5, 7, 10, 15, 20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR with autopay

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

3.49% – 7.99% APR with autopay

Term (years)

5, 7, 10, 15, 20 years

Minimum Credit Score

650

Variable Rate

1.74% – 7.99% APR with autopay

Eligible Loans

Federal & Private

Purefy Rating

Free career planning, job search, and entrepreneurship support
Forbearance options for financial hardship, natural disasters, and military service
98% of surveyed customers would recommend SoFi to a friend

Fixed Rate

2.73% – 5.99% APR

Term

5, 7, 10, 15, or 20 years

Minimum Credit Score

680

Variable Rate

1.86% – 6.01% APR

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

2.73% – 5.99% APR

Term (years)

5, 7, 10, 15, or 20

Minimum Credit Score

680

Variable Rate

1.86% – 6.01% APR

Eligible Loans

Federal & Private

Purefy Rating

No maximum loan amount

Up to 12 months of forbearance if you experience financial hardship

Borrowers can refinance Parent PLUS loans in their own name

Fixed Rate

4.44% – 8.48% APR

Term

5, 7, 10, 15, or 20 years

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Fixed Rate

4.44% – 8.48% APR

Term (years)

5, 7, 10, 15, or 20

Minimum Credit Score

670

Variable Rate

Not Offered

Eligible Loans

Federal & Private

Purefy Rating

Loans available in all states except Maine
Loan forgiveness if the borrower dies or becomes totally and permanently disabled
Options to postpone payments due to qualifying financial hardships

FAQs – Student Loan Prepayment Calculator

There are three primary ways to pay off student loans early including refinancing to a shorter term, making larger payments, or making additional payments.

 A student loan refinance is generally something you should consider if you are an established professional with stable employment and good credit. This is important to make sure you qualify for a low student loan refinance interest rate. Stable employment also makes it less likely that you would need federal student loan benefits like forbearance and deferment. That said, all of Purefy’s best student loan refinance picks have options for financial hardship assistance, should the worst happen.

When refinancing your student loans, you can also choose a quicker repayment term than the Standard Repayment Plan of 10 years. By choosing a shorter term, you can pay off your loans sooner and get rid of them for good — while maximizing your savings on costly interest.

No, there are zero fees with a student loan refinance through Purefy. Our lenders never charge origination fees, application fees, or prepayment penalties, and we don’t think you should face any additional charges for trying to save money.

Not with any of Purefy’s recommended lenders. All of Purefy’s best student loan refinance picks charge no origination fees or prepayment penalties.

An additional option for how to get out of student loan debt fast is to make lump sum payments toward your account whenever possible. In combination with other repayment tactics like refinancing, it can be an effective way to speed up your pay off process. Some cash windfalls to be on the lookout for include yearly bonuses, tax refunds, and gifts from holidays, birthdays, or major life moments.

A smart strategy for how to pay off student loans as fast as possible is to make larger payments each month than you owe. Of course, this is completely dependent on your personal finances and available budget. But if you can, paying more each month will reduce your principal much quicker — allowing you to save big on interest in the long run.