Student Loan Calculator

Calculate student loan payments and compare repayment plans. Explore income-driven options, forgiveness programs, and the benefits of making extra payments to pay off loans faster.

Loan Details

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Additional payment toward principal

Payment Results

Enter your student loan details to calculate payments and explore repayment options.

How to Use the Student Loan Calculator

  1. Enter Loan Amount: Input your total student loan balance or expected loan amount
  2. Set Interest Rate: Enter your loan's interest rate (check your loan servicer's website)
  3. Choose Loan Term: Select your repayment period (10-30 years)
  4. Select Repayment Plan: Choose from standard or income-driven repayment options
  5. Add Income Info: For income-driven plans, enter your annual income and family size
  6. Extra Payments: See how additional monthly payments can save time and interest
  7. Compare Results: Review payment amounts, total costs, and payoff timelines

Federal Student Loan Repayment Plans

Standard Repayment Plans

Standard Repayment

• Fixed payments for 10 years
• Lowest total interest paid
• Higher monthly payments

Income-Driven Plans

Income-Based Repayment (IBR)

• 15% of discretionary income
• 25-year forgiveness
• For loans before July 1, 2014

Pay As You Earn (PAYE)

• 10% of discretionary income
• 20-year forgiveness
• Must show financial hardship

Revised Pay As You Earn (REPAYE)

• 10% of discretionary income
• 20-25 year forgiveness
• No financial hardship requirement

Income-Contingent Repayment (ICR)

• 20% of discretionary income
• 25-year forgiveness
• Available for Parent PLUS loans

Student Loan Forgiveness Programs

Public Service Loan Forgiveness (PSLF)

✓100% forgiveness after 120 qualifying payments
✓Must work for qualifying government or nonprofit employer
✓Must be on income-driven repayment plan
✓Only federal Direct Loans qualify

Income-Driven Plan Forgiveness

•Forgiveness after 20-25 years of payments
•Forgiven amount may be taxable income
•Available with IBR, PAYE, REPAYE, and ICR
•Must recertify income annually

Important Note

Loan forgiveness programs have specific requirements and application processes. Always verify your eligibility and maintain proper documentation with your loan servicer.

Federal Student Loan Interest Rates (2024-25)

Undergraduate

6.53%
Direct Subsidized & Unsubsidized

Graduate

8.08%
Direct Unsubsidized

Parent PLUS

9.08%
Direct PLUS Loans

Note: These rates are for loans first disbursed between July 1, 2024, and July 1, 2025. Rates are fixed for the life of the loan but may change annually for new loans.

Student Loan Repayment Strategies

Paying Off Loans Faster

1.Make Extra Principal Payments: Even small additional payments can save thousands in interest
2.Pay Biweekly: Make half your monthly payment every two weeks (26 payments per year)
3.Use Windfalls: Apply tax refunds, bonuses, and gifts directly to loan principal
4.Target High-Interest Loans: Pay minimums on all loans, extra on highest rate

Managing Monthly Payments

1.Income-Driven Plans: Lower payments based on income and family size
2.Deferment/Forbearance: Temporary payment pause for financial hardship
3.Loan Consolidation: Combine multiple loans for simplified payments
4.Auto-Pay Discount: Many servicers offer 0.25% rate reduction

Frequently Asked Questions

Should I choose an income-driven repayment plan?

Income-driven plans can lower monthly payments but may increase total interest paid over time. They're best for borrowers with high debt-to-income ratios, those pursuing PSLF, or experiencing temporary financial hardship.

Can I switch repayment plans?

Yes, you can change federal loan repayment plans at any time by contacting your loan servicer. However, switching from an income-driven plan to standard repayment may increase your monthly payment significantly.

Is student loan interest tax deductible?

You can deduct up to $2,500 in student loan interest paid during the tax year, subject to income limits. This applies to both federal and private student loans used for qualified education expenses.

What happens if I can't make my student loan payments?

Contact your loan servicer immediately. Options include deferment, forbearance, switching to an income-driven plan, or loan rehabilitation for defaulted loans. Ignoring the problem can lead to default, wage garnishment, and damage to your credit.

Should I pay off student loans or invest?

This depends on your loan interest rate, risk tolerance, and financial goals. If your loans have high interest rates (>6-7%), prioritize paying them off. If rates are low, you might benefit more from investing while making minimum payments.

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