Student Loan Repayment Calculator
Calculate payments, payoff timeline, and compare repayment strategies
A student loan calculator helps you estimate monthly payments and total repayment costs for education loans. It can compare different repayment plans, show the impact of extra payments, and help you plan your debt payoff strategy.
Formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]Standard formula for loan payments. Federal loans offer income-driven repayment plans with different calculations.
- 1
Enter your total student loan balance
- 2
Input the interest rate (or weighted average)
- 3
Choose repayment term (10-25 years)
- 4
Compare standard vs income-driven plans
- 5
See impact of extra payments
- 6
View total interest over loan life
- Student loans are a major financial burden for millions
- Different repayment plans have vastly different total costs
- Understanding options helps optimize payoff strategy
- Income-driven plans can provide relief but cost more long-term
- Extra payments can save thousands in interest
- Planning loan repayment after graduation
- Comparing repayment plan options
- Evaluating refinancing offers
- Planning for Public Service Loan Forgiveness
- Deciding between aggressive payoff vs investing
- Budgeting for loan payments
- •Pay off highest-rate loans first (usually private loans)
- •Consider PSLF if you work in public service
- •Autopay discounts typically save 0.25% on rate
- •Don't refinance federal loans if you might need IDR or forgiveness
Have questions about using this calculator? Check out our financial guides or contact us for help.
Monthly Payment
$379.84
Total Interest
$10,581.037
Total Amount Paid
$45,581.037
Monthly Payment
$379.84
Interest Saved
$-0
Time Saved
-1 years, -1 months
By submitting your email, you agree to our Privacy Policy, including that we store your email and results and may share them with advertising partners.
Frequently Asked Questions
What is the average student loan interest rate?
Federal student loan rates vary by year and loan type. As of 2024, undergraduate Direct Loans are around 5.50%, graduate loans around 7.05%, and Parent PLUS loans around 8.05%. Private loan rates vary widely based on credit.
Should I pay extra on my student loans?
If your loans have high interest rates (above 5-6%) and you have an emergency fund, extra payments can save significant money. However, prioritize employer 401k matches and high-interest debt first.
What is income-driven repayment?
Income-driven repayment (IDR) plans cap payments at 10-20% of discretionary income. After 20-25 years of payments, remaining balances may be forgiven. Good for high debt-to-income ratios but may cost more long-term.
How does student loan refinancing work?
Refinancing replaces existing loans with a new private loan, potentially at a lower rate. This can save money but forfeits federal protections like IDR plans and Public Service Loan Forgiveness eligibility.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives remaining federal loan balances after 120 qualifying payments while working for government or non-profit employers. You must be on an income-driven plan and have Direct Loans to qualify.