Pay off your student loan faster

Paying more every month can help you get closer to a $0 balance

If you want to get out of student loan debt but aren’t ready to fully pay off your loan, you can do it by paying a little extra each month. Making extra payments, along with your regular monthly payments, may reduce the total amount you pay for your loan or help pay off your student loan faster.

Make an extra payment whenever your budget allows—it’s easy to make a one-time payment online, by phone, or by mail.

Paying extra will also reduce the Current Amount Due shown on your next billing statement(s). Even if there’s no required amount due on the billing statement, continuing to make payments will reduce your Total Loan Cost.

Note: If you’re enrolled in auto debit or requested the pay-ahead feature be turned off, the Current Amount Due won’t be reduced in the following billing period(s).

Examples of paying more every month

Assume you have a student loan with a Current Balance of $10,000, at an interest rate of 8.0%, and a repayment term of 10 years.

If you pay your amount due every month:

• You’ll make 119 monthly payments of $121.32, with a final payment of $119.89.
• You’ll pay off your student loan in 10 years and you’ll pay a total of $14,556.97.

If you pay an extra $20 a month:

• You’ll make 96 monthly payments of $141.32, with a final payment of $7.10.
• You’ll pay off your student loan in 8 years and one month—almost 2 years earlier than with the standard repayment term and you’ll save $983.15.

See how additional payments are allocated and applied

Pay off your student loan now!

Ready to pay off your student loan completely? Congratulations! To do this, you’ll need your final payoff amount. Interest accrues daily, so today’s Current Balance won’t include all the interest or fees through the payoff date. When you’re ready to pay off your student loan in full, you can find your final payoff amount by logging in to your account and heading to the Make a payment page, through our app, or by using our automated phone system.