Skip to main content

Can I pay off my student loan in full at any time?

Yes, you can pay your student loan in full at any time.

If you are financially able to do so, it may make sense for you to pay off your student loans early to save money on interest. Lenders typically call this “prepayment in full.” Generally, there are no penalties involved in paying off your student loans early. However, make sure you know how much you currently owe. Check with your loan servicer to get a “payoff quote,” which is an estimate of how much you need to pay in order to pay the loan in full. Generally, your payoff quote is good for several days.

Here are some ideas for saving time and money on student loan repayment.