Student Loan Calculator
Calculate student loan payments for federal and private loans with income-driven repayment options
Calculate with Student Loan Calculator
Simple Student Loan Calculator
Please provide any three values below to calculate.
| Loan Balance | $ |
| Remaining Term | years |
| Interest Rate | % |
| Monthly Payment | $/month |
Result
Student Loan Repayment Calculator
Evaluate student loan payoff options and interest savings.
| Loan Balance | $ |
| Monthly Payment | $/month |
| Interest Rate | % |
Repayment Options:
Pay off in 6 years and 2 months
The remaining term is 9 years and 10 months. By paying an extra $150.00 per month, the loan will be paid off in 6 years and 2 months. It is 3 years and 8 months earlier. This results in savings of $4,421.42 in interest payments.
If Pay Extra $150.00 per month
| Remaining Term | 6 years and 2 months |
| Total Payments | $36,766.91 |
| Total Interest | $6,766.91 |
The Original Payoff Schedule
| Remaining Term | 9 years and 10 months |
| Total Payments | $41,188.33 |
| Total Interest | $11,188.33 |
Student Loan Projection Calculator
Estimate loan balance and repayment after graduation. For students still in college or who haven't started.
| To Graduate In | years |
| Estimated Loan Amount | $/year |
| Current Balance | $ |
| Loan Term | years |
| Grace Period | months |
| Interest Rate | % |
Do you pay interest during school years?
Result
Assumptions
Use Student Loan Calculator for debt payoff planning when you need a clear estimate, transparent inputs, and a result you can review before taking the next step.
Worked example
When To Use Student Loan Calculator
- Start with a representative scenario in Student Loan Calculator so rates, dates, balances, or other key assumptions match the question you are comparing.
- Review whether the estimate matches the planning scenario before you use it for a budget, plan, or discussion.
Sample Input And Output Checks
- Start with inputs that match the real scenario, not only a rounded placeholder.
- Review APR, payment floor, payoff order, and total interest tradeoffs before trusting the output.
- Rerun the scenario when rates, balances, or monthly payment targets change.
About This Tool
Our student loan calculator helps you understand your student debt repayment options, whether you have federal loans, private loans, or a combination of both. Compare standard repayment plans with income-driven options, estimate potential loan forgiveness, and find the best strategy to manage your education debt while balancing other financial goals. Make informed decisions about refinancing, consolidation, and repayment timelines with our comprehensive calculator.
Federal vs Private Student Loans
Federal student loans, issued by the U.S. Department of Education, offer fixed interest rates, flexible repayment options including income-driven plans, and potential loan forgiveness programs. They include subsidized loans (no interest during school), unsubsidized loans (interest accrues immediately), PLUS loans for parents and graduate students, and consolidation loans. Private student loans from banks and credit unions typically have variable interest rates based on credit score, fewer repayment options, no forgiveness programs, and often require a cosigner for students. Federal loans should generally be exhausted before considering private loans due to their borrower protections.
Income-Driven Repayment Plans
Income-Driven Repayment (IDR) plans cap monthly payments at 10-20% of discretionary income and offer loan forgiveness after 20-25 years. PAYE (Pay As You Earn) and REPAYE (Revised PAYE) limit payments to 10% of discretionary income for 20 years (undergrad) or 25 years (grad school). IBR (Income-Based Repayment) requires 15% of discretionary income for 20-25 years. ICR (Income-Contingent Repayment) charges the lesser of 20% of discretionary income or what you'd pay on a fixed 12-year plan. IDR plans are ideal if income is low relative to debt, but beware of interest capitalization and potential tax bombs on forgiven amounts.
Student Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF) forgives remaining federal loan balances after 120 qualifying monthly payments while working full-time for government or nonprofit organizations. Qualifying employment includes federal, state, local, or tribal government organizations and 501(c)(3) nonprofits. Teacher Loan Forgiveness offers up to $17,500 forgiveness for teachers in low-income schools for five consecutive years. IDR Forgiveness cancels remaining balance after 20-25 years on income-driven plans, though forgiven amounts may be taxable. State-specific programs exist for healthcare workers, lawyers, and other professions in underserved areas.
Should You Refinance Student Loans?
Refinancing student loans through private lenders may lower an interest rate for some borrowers, but the tradeoff depends on credit profile, income stability, loan type, and current federal protections. Refinancing federal loans into private loans can permanently remove income-driven repayment, forgiveness eligibility, deferment, forbearance, and certain discharge options. Compare the estimated interest difference with the value of those protections, and verify the terms with the loan servicer or lender before making a refinancing decision. Private loans have different rules because they do not start with the same federal benefits.
Strategies to Pay Off Student Loans Faster
Some borrowers compare biweekly payments, principal-only extra payments, autopay discounts, and occasional lump-sum payments when estimating student loan payoff timing. If you have multiple loans, the Debt Payoff Calculator can help compare higher-interest-first and smaller-balance-first ordering. For federal loans, check whether extra payments, deferment, forbearance, PSLF, or income-driven repayment rules affect your plan before changing payment amounts. For broader loan payment estimates, try the Loan Calculator. If you are planning future education costs, the College Savings Calculator can model a separate savings scenario.