Student Loan Calculator

Student loan debt is one of the largest financial burdens facing graduates today. This calculator shows your monthly payment, total interest cost, and payoff timeline — plus how different repayment plans and extra payments change the outcome.

How to Use This Calculator

1. Enter your total student loan balance.
2. Enter the interest rate (federal or private).
3. Select your repayment plan: Standard (10 years), Extended (25 years), Graduated, or Income-Driven.
4. Enter any extra monthly payment you can make.
5. Click Calculate to see payment, total interest, and payoff date.

Federal Student Loan Interest Rates (2024–25)

• Undergraduate direct subsidized/unsubsidized: 6.53%
• Graduate unsubsidized: 8.08%
• PLUS loans: 9.08%
• Private student loan rates: typically 4%–15% depending on credit

Example Comparison: Standard vs. Extended

Balance: $35,000 | Rate: 6.53%

• Standard (10 yr): $396/month → Total interest: $12,500
• Extended (25 yr): $240/month → Total interest: $37,000
• Standard costs $156 more/month but saves $24,500 in interest

Income-Driven Repayment (IDR) Plans

• SAVE: 5% of discretionary income for undergrad loans (newest, most generous)
• PAYE: 10% of discretionary income, 20-year forgiveness
• IBR: 10%–15% of discretionary income, 20–25 year forgiveness
• ICR: 20% of discretionary income or 12-year fixed payment, whichever is less

Common Mistakes to Avoid

• Choosing the lowest monthly payment without considering total cost — Income-driven plans often result in 2–3× more total interest paid, even with eventual forgiveness.
• Not refinancing private loans — With good credit and stable income, refinancing private loans to a lower rate can save thousands. Federal loans should only be refinanced if you don't need IDR or forgiveness protections.
• Missing enrollment in autopay discount — Federal loan servicers reduce your rate by 0.25% for enrolling in autopay. That's free savings over a 10-year repayment.
• Ignoring Public Service Loan Forgiveness (PSLF) — If you work for the government or a qualifying nonprofit, 120 qualifying payments (10 years) leads to full forgiveness tax-free.

Frequently Asked Questions

Should I pay off student loans or invest?

If your student loan rate is below 6%, consider investing simultaneously (expected market returns exceed the loan rate). Above 7%, aggressive payoff often wins. See our Investment Calculator.

What is the student loan grace period?

Federal loans have a 6-month grace period after graduation before payments begin. Using this period to make interest payments (especially on unsubsidized loans) prevents interest capitalization.

Can student loans be discharged in bankruptcy?

Rarely — student loans require demonstrating "undue hardship" which is a very high legal standard. New 2024 DOJ guidelines make this slightly more accessible but it remains difficult.

What happens if I don't pay my student loans?

Federal loans: after 90 days, reported to credit bureaus. After 270 days (9 months), in default — wage garnishment, tax refund seizure, and Social Security offset can occur. Contact your servicer immediately if struggling.

Conclusion

Understanding your student loan repayment options can save you tens of thousands of dollars. Compare plans, apply for income-driven repayment if needed, and always make at least the minimum payment on time to protect your credit.

Related: College Cost Calculator | Loan Calculator | Debt Payoff Calculator | Investment Calculator