Discover Student Loans
Discover Student Loans

Prepayment Calculator

Based on your loan type, you may choose either an in-school or deferred repayment option. A deferred repayment option means no payments are required while you are in school at least half-time, but interest will continue to accrue and you will end up paying more over the life of the loan.

An in-school repayment option means you pay either a fixed amount or the interest amount accrued each month during your in-school and grace periods. An in-school repayment option means you will pay less interest over the life of the loan.

Regardless of what option you choose, this calculator can help you determine how much you can save when you pay extra during your Repayment Period – when monthly payments of principal and interest are due.

Please note, you can make a payment at any time without penalty.

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

Loan Balance: Current Balance Help

 $
 

Interest Rate: Interest Rate Help

   %
 

Years Left to Pay Back: Years Left Help

  
 

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 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. Years Left Help Apply one extra payment of $. 

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

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

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

Tip

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 that will remain the same throughout the life of the loan;
  • 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.

Principal Balance

Principal is the original or unpaid amount of a loan upon which interest is calculated. It may include capitalized interest.

Loan Balance

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

For loans just entering repayment, the loan 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.

Interest Rate

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

Please note that this calculator does not adjust for variable rates. Variable interest rates are tied to a rate index. If the index changes, your interest rate will change. If your interest rate increases, your monthly payments will increase.

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.

Principal Balance

Principal is the original or unpaid amount of a loan upon which interest is calculated. It may include capitalized interest.

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