Student Loan Repayment Calculator - Loan Payoff & Forgiveness
Calculate student loan payments, payoff timelines, and potential savings. Compare standard repayment vs income-driven plans (IDR, PAYE, IBR). See how extra payments reduce interest and save money on federal and private student loans.
Average student debt: $37,500
Federal: 4.5-8% • Private: 3-14% (depends on credit)
Standard federal term: 10 years
Add extra to save money
Estimated IDR Payment (PAYE)
$292/mo
Based on 10% of discretionary income
After 20 years of qualifying payments
$380
$10581
10 years
Principal
$35,000
Total Interest
$10,581.037
Total Paid
$45,581.037
Make Biweekly Payments
Pay half your monthly payment every two weeks instead of once monthly. You'll make 13 full payments per year instead of 12.
Apply Windfalls to Principal
Tax refunds, bonuses, and gifts should go straight to your highest-rate loan principal.
Refinance When Rates Drop
If you have good credit and stable income, refinancing can lower your rate. Warning: You'll lose federal benefits.
Get expert guidance tailored to your financial goals
Understanding the Concept
Student loan repayment calculators help you understand monthly payments, total interest costs, and payoff timelines. Income-driven repayment plans base payments on income and family size, with potential loan forgiveness after 20-25 years.
Tips to Optimize
- •Making extra payments saves thousands in interest - apply extra to highest rate loans first
- •Income-driven plans lower monthly payments but increase total interest paid
- •Federal loan forgiveness under IDR is taxable (though temporarily waived through 2025)
- •Refinancing federal loans to private means losing federal protections and forgiveness options
- •Pay more than the minimum whenever possible to reduce loan term significantly