Should I pay off student loans early?

It depends on the rate and the plan. On a high-rate private loan, paying early is straightforwardly good. On federal loans pursuing forgiveness under an income-driven plan or PSLF, extra payments reduce the amount that would eventually be forgiven, so they can be counterproductive.

What happens if I miss a student loan payment?

Federal loans become delinquent immediately and are reported to the bureaus after 90 days; default follows at 270 days and can trigger wage garnishment and tax refund offset. Contact the servicer before that — deferment, forbearance or an income-driven plan is always cheaper than default.

Are student loans forgiven after 20 or 25 years?

Income-driven repayment plans forgive the remaining balance after a set number of qualifying payments, generally 20 years for undergraduate-only borrowing and 25 where graduate loans are included. Programme terms change, so confirm current rules with Federal Student Aid.

Can student loans be discharged in bankruptcy?

It is difficult but no longer considered impossible. It requires an adversary proceeding and a showing of undue hardship, and recent federal guidance has made the process more attainable in clear cases.

Is student loan interest tax deductible?

Up to a capped amount of interest per year, phased out above income thresholds set by the IRS. It is an above-the-line deduction, so you can claim it without itemising.

Student loans

Student Loans: Repayment, Forgiveness & Refinancing

Federal student loans come with protections no private lender offers: income-driven repayment, deferment, forbearance and several forgiveness programmes. Almost every decision about student debt starts with one question — are these federal loans or private ones — because that answer determines which options exist.

These guides cover choosing a repayment plan, qualifying for forgiveness, deciding whether to refinance, and filing the FAFSA correctly so you capture every dollar of aid you are entitled to.

Data snapshot

10-year Treasury yield

5.00%

As of September 15, 2026 · U.S. Treasury via FRED

Year over year: +0.95 pts
12-month range: 3.97% – 5.00%

The 10-year Treasury yield. Federal student loan interest rates for each academic year are set by law from the May 10-year Treasury note auction plus a fixed add-on, so this series is the leading indicator for next year's rates.

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Student Loan Repayment Plans Compared

Standard, graduated, extended and income-driven, side by side.

Read the guide

Student Loan Forgiveness: Who Actually Qualifies

PSLF, income-driven forgiveness and the paperwork that counts.

Read the guide

Student Loan Refinancing: When It Saves Money

A lower rate — at the price of every federal protection.

Read the guide

FAFSA Guide: How to File and Maximise Aid

File early, report correctly, and capture every dollar you qualify for.

Read the guide

Student loan payoff calculator

Total loan balance$Interest rate%Monthly payment$Extra per month$

Time to clear your student loans

10 yr 7 mo

Total10 yr 7 mo

Total interest paid: $12,295
Payoff with $100 extra: 7 yr 7 mo
Interest saved by the extra: $3,774
Months saved: 36 mo

Data sourced from

Federal Reserve Economic Data (FRED)

Federal Reserve Economic Data (FRED)

This student loan payoff calculator turns a loan amount, an interest rate and a term into the numbers that actually decide affordability: the monthly payment, the total interest and the date the balance hits zero.

Every figure updates instantly, so you can test a shorter term or a slightly better rate before you ever speak to a lender.

Frequently asked questions

The payment is derived from the amount borrowed, the interest rate and the number of months in the term, using the standard amortisation formula. Each payment covers that month's interest first, and the remainder reduces the balance.

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The full payoff strategy in one place.

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Monthly US search volume for the questions this page answers, from our keyword research set.

Search query	Monthly searches	Difficulty
fafsa	2,740,000	93
student loans forgiven	135,000	88
student loan forgiveness for	135,000	90
mohela student loans	74,000	87
student loans forgiveness	60,500	89
fafsa application	49,500	94
mohela student loan	40,500	89
student loan forgiveness	33,100	88
student loan news	22,400	93
subsidized vs unsubsidized student loans	22,200	92

Student Loans: Repayment, Forgiveness & Refinancing

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Student loan payoff calculator

Frequently asked questions

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Frequently asked questions

Should I pay off student loans early?

What happens if I miss a student loan payment?

Are student loans forgiven after 20 or 25 years?

Can student loans be discharged in bankruptcy?

Is student loan interest tax deductible?

Sources