Student Loan Calculator
Plan your student loan repayment with monthly payment estimates and total cost projections.
What Is a Student Loan Calculator?
A student loan calculator projects your monthly payment, total interest, and total repayment amount based on your loan balance, interest rate, and chosen repayment term. Whether you have federal or private student loans, this tool helps you plan your post-graduation budget and evaluate whether refinancing or income-driven repayment plans might save you money.
How to Use This Calculator
Enter Your Loan Balance
Input your total student loan debt. Check studentaid.gov for federal loans and your servicer statements for private loans.
Set Your Interest Rate
Use the average rate across all your loans. Federal undergraduate loans in 2024-25 are at 6.53%; private loan rates vary widely based on credit.
Choose Your Repayment Term
The standard federal term is 10 years. Extended plans go to 25 years. Shorter terms mean higher payments but less interest overall.
Plan Your Strategy
Use the results to decide whether to stick with standard repayment, refinance for a lower rate, or explore income-driven options.
Key Concepts
Federal vs Private
Federal loans offer income-driven repayment, forgiveness programs, and forbearance. Private loans are harder to modify but may have lower rates for creditworthy borrowers.
Income-Driven Plans
Federal plans like SAVE, PAYE, and IBR cap payments at 5-20% of discretionary income with forgiveness after 20-25 years.
Public Service Forgiveness
PSLF forgives remaining federal loan balances after 120 qualifying payments while working for a nonprofit or government employer.
Refinancing Trade-offs
Refinancing federal loans to a private lender can lower your rate but permanently forfeits federal protections like IDR, forbearance, and forgiveness eligibility.
Expert Insights
The average student loan borrower graduates with about $37,000 in debt. On the standard 10-year plan at 5.5%, that costs about $11,000 in interest.
If you qualify for PSLF, switching to an income-driven plan and making 120 payments could save tens or hundreds of thousands compared to standard repayment. Do not refinance to a private lender if pursuing PSLF.
Any tax refund, bonus, or windfall applied directly to your student loan principal reduces interest cost disproportionately in the early years of repayment when the balance is highest.
Frequently Asked Questions
This calculator provides estimates for educational purposes only. Actual results depend on your specific financial situation, lender terms, and market conditions. Consult a qualified financial advisor before making major financial decisions.
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