Student loan repayment tools, step by step

A Direct Consolidation Loan uses the weighted average of the rates on the loans you combine, rounded up to the nearest one-eighth of a percent. It does not lower your rate, but it can simplify payments and change your term. The consolidation calculator shows the resulting rate and total cost.

It can. Paying half your monthly amount every two weeks adds up to 13 full payments a year instead of 12, which reduces principal sooner and cuts total interest. Check with your servicer that extra amounts are applied to principal rather than held for the next due date.

Capitalized interest is unpaid interest that is added to your principal balance, after which you pay interest on it too. It can happen after certain periods such as deferment or forbearance. Paying interest as it accrues, when you can, prevents your balance from growing.

You may be able to deduct some of the interest you paid on qualified student loans, subject to income limits and an annual cap set by the IRS. The loan interest tax deduction calculator gives an estimate; IRS guidance and a tax professional can confirm your situation.

It depends on your rates, other debts and savings. Extra payments on a higher-rate loan save more interest than on a lower-rate one. Many people make sure they have an emergency fund first. The accelerated payoff calculator shows the interest and time saved.

No. They model standard fixed payments. Income-driven plans set payments based on income and family size under federal rules. Your Federal Student Aid account and servicer are the authoritative sources for those amounts. Use our calculators to understand standard payments and total interest, then compare with the plan amounts your servicer gives you.

Refinancing federal loans with a private lender replaces them with a private loan, so you lose access to federal options such as income-driven repayment and federal deferment. A lower rate may save interest, but weigh it against the protections you give up.

It depends on your target amount, years until college, and the return you assume. The college savings calculator works backward from a goal to a monthly figure. Starting earlier lowers that amount noticeably. Rerun it each year as your balance and timeline change, since the required monthly amount moves with them.