Skip to content

Student Loan Calculator

Calculate student loan payments under different repayment plans. Compare standard, graduated, extended, and income-based options.

Loan Worksheet
$
%
$

Something wrong or missing? Tell us — we read every report and fix issues fast.

Federal Student Loan Repayment Plans

Federal student loans offer multiple repayment options. Choosing the right plan depends on your income, career path, and whether you qualify for loan forgiveness.

Standard Repayment

  • Fixed payments over 10 years
  • Highest monthly payment, but lowest total interest
  • Best for borrowers who can afford consistent payments

Income-Based Repayment (IBR)

  • Payment capped at 10-15% of discretionary income
  • Recalculated annually based on income and family size
  • Forgiveness after 20-25 years of qualifying payments
  • The partial financial hardship requirement has been removed, so anyone can use IBR

Graduated Repayment

  • Payments start low and increase every two years
  • 10-year term, same as standard
  • Good for borrowers expecting salary growth

Extended Repayment

  • Stretches payments over up to 25 years
  • Lower monthly payment, but significantly more total interest
  • Requires more than $30,000 in federal loans

Public Service Loan Forgiveness (PSLF)

If you work for a government agency or qualifying nonprofit, PSLF forgives remaining federal loan balances after 120 qualifying monthly payments (10 years). Unlike income-driven forgiveness, PSLF forgiveness is permanently tax-free. You must be enrolled in an income-driven plan and make payments while employed full-time by a qualifying employer.

How Extra Payments Save Money

On a $30,000 loan at 5.5% over 10 years, your monthly payment is $326 and total interest is $9,087. Adding just $100/month cuts the payoff time to 7 years and saves $2,614 in interest. Specify that extra payments go toward principal, not future payments.

Refinancing vs Federal Benefits

Refinancing with a private lender can lower your interest rate, but you permanently lose federal protections: income-driven repayment, PSLF eligibility, deferment, and forbearance options. Only refinance if you have stable income, strong credit, and no plans to pursue forgiveness programs.

Strategies for Paying Off Student Loans

  • Pay more than minimum: Even $50 extra/month saves thousands in interest
  • Target highest rate first: The avalanche method minimizes total interest
  • Autopay discount: Most servicers offer 0.25% rate reduction for autopay
  • Employer assistance: Up to $5,250/year in employer student loan payments can be tax-free
  • Tax deduction: Deduct up to $2,500 in student loan interest annually

Related Calculators

College Cost Calculator — Net Price After Aid Calculate the true cost of college after financial aid. Compare sticker price vs net price across schools. Test Grade Calculator — % Score + Letter Grade Calculate your test grade as a percentage, fraction, and letter grade from total questions and wrong answers. Percentage Calculator — 7 Modes, Step-by-Step Work Calculate percentages 7 ways: find percent, find whole, percent change, percent difference, add/subtract percent, and reverse percent. Fraction Calculator — Step-by-Step Solver Add, subtract, multiply, divide, compare, and solve fractions with full step-by-step work. Chain up to 9 fractions, mixed numbers, simplify, and decimal conversions. Equivalent Fractions Calculator — First 100 Results Find equivalent fractions for any proper, improper, or mixed fraction. Shows the first 100 equivalent fractions instantly. Average Calculator — Mean, Median, Mode, Range, SD Calculate mean (sum divided by count), median, mode, range, and standard deviation with step-by-step work. Includes weighted average mode and a full statistics measures reference.

Frequently Asked Questions

How is a student loan monthly payment calculated?

The payment uses M = P x r(1+r)^n / ((1+r)^n - 1), where P is the principal, r is the annual rate divided by 12 and n is the number of monthly payments. On the standard 10-year plan n is 120, so $30,000 at 6 percent costs about $333 a month. A shorter term raises the payment but cuts total interest.

What is the difference between subsidized and unsubsidized student loans?

With a subsidized federal loan the government pays the interest while the student is enrolled at least half-time. With an unsubsidized loan interest accrues from the day the money is disbursed, so the balance grows during school. Unpaid interest is later capitalized, meaning added to the principal, which makes the unsubsidized loan cost more.

Can student loans be forgiven?

Yes. Public Service Loan Forgiveness cancels the remaining federal balance after 10 years of qualifying payments while working for a government or nonprofit employer. Income-based repayment forgives what is left after 20 to 25 years of payments. Private student loans generally have no forgiveness program, so the rules above apply only to federal loans.

What happens if you miss student loan payments?

A federal student loan is reported delinquent to the credit bureaus once a payment is 90 days late. After 270 days without payment the loan goes into default, which can bring collection fees, garnishment of wages and seizure of tax refunds. Contacting the loan servicer before then opens options such as deferment, forbearance or a lower income-driven payment.