How extra payments shorten student loans
Extra payments reduce the principal, so less interest builds up each month. If you have several loans, putting the extra toward the highest interest rate first usually saves the most. This calculator models one loan at one rate, so run it once per loan.
Federal and private loans differ
Federal loans can come with income-based repayment and forgiveness options that private loans don’t have. If you may qualify for those programs, check how extra payments affect them before paying ahead. Rules change, so confirm current details on studentaid.gov.
Make sure the extra goes to principal
Some servicers apply extra money to the next scheduled payment instead of the balance. Check your servicer’s settings or contact them so your extra is applied to principal.