None of the lenders listed on Student Loan Planner have any prepayment penalties. By making prepayments on your student loans, you can get out debt sooner and save money on interest. I highly encourage you to pay more than you have to.
Student Loan Planner Prepayment Calculator
You can also make one time lump sum payments that also speed up your debt freedom date. Keep in mind that you can refinance multiple times. Many readers and clients tell us that they started with a 10 or 15 year fixed rate, made extra payments, and then refinanced again to a 5 or 7 year fixed rate with a similar monthly payment.
Of course, the upside to that strategy is you limit your required monthly payment initially but get out of debt sooner.
Use the student loan prepayment calculator below to see how much faster you could pay off your student loans.