Discover will no longer accept new student loan applications after January 31, 2024. Applications received on or before January 31, 2024 will be processed as usual.
Plug in your loan repayment details and select a payment option to see how you can pay off your loan sooner. There’s never a penalty for prepaying your student loan.
Let’s see your estimated savings.
If you make an extra payment of $1,000 toward your principal balance, you can shorten your repayment term to approximately 4.8 and save $1288.67 in interest over the life of the loan.
If you pay off your loan in 10 years by making additional monthly payments of approximately $254.84, you can save an estimated $3466.33 in interest over the life of the loan.
Total loan cost
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 depending on your loan term) and the prepayment scenario you input above, and assumes:
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.