Finance tool

IDR Extra Payments Calculator

Calculate whether making extra payments on an IDR plan saves money or reduces loan forgiveness benefits.

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Evaluating Extra Payments Under IDR

Borrowers targeting eventual 20- or 25-year IDR forgiveness or PSLF may lose money by making extra payments, as doing so simply pays off debt that would otherwise be forgiven.

Frequently Asked Questions

Should you make extra payments if seeking PSLF?

No. Borrowers on track for PSLF should pay only the required monthly minimum to maximize forgiven balances.

When does making extra IDR payments make sense?

Extra payments make sense if your income is projected to rise high enough that you will fully repay the balance before forgiveness occurs.

Can extra payments cause you to exit IDR?

No, voluntary prepayments do not alter your income-driven repayment status.

Does prepaying affect tax liabilities?

Paying down principal reduces overall debt, but does not alter your underlying taxable income.

How to use

Calculate in three steps

  1. 1
    Enter your valuesUse the fields above and check the units shown beside each input.
  2. 2
    Run the calculationSelect Calculate to refresh the result with your latest values.
  3. 3
    Review or shareCompare the result, reset the form, print it, or share this page.
Inputs

What you need

Current IDR Monthly Payment$
Remaining Debt Balance$
Interest Rate%
Extra Monthly Contribution$
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