Student Loan Calculator
Compare student loan repayment plans, calculate payments, and explore forgiveness options.
Loan Information
5.5%
10 years
6 months (interest may still accrue)
Extra Payments
$0.00 extra per month
Repayment Summary
$379.84
Monthly Payment
$214.96
Principal (First Payment)
$164.88
Interest (First Payment)
10.9 years
Time to Pay Off
$11,314.30
Total Interest
$47,480.25
Total Amount Paid
💡 Key Insights:
- • Interest represents 24% of total payments
- • Monthly payment is 9.1% of annual income
Repayment Plan Comparison
| Plan | Monthly Payment | Total Interest | Total Cost | Payment/Income % |
|---|---|---|---|---|
| Standard (10 yr) | $379.84 | $10,581.04 | $45,581.04 | 9.1% |
| Extended (25 yr) | $214.93 | $29,479.19 | $64,479.19 | 5.2% |
| Graduated (10 yr) | $189.92starting | $28,000.00 | $63,000.00 | 4.6% |
| Income-Driven | $185.42 | $42,000.00 | $77,000.00 | 4.5% |
*Income-driven payments based on current income and may change annually
Interest Rate Impact Analysis
Impact of Interest Rates:
3% rate:
$5,555.51
$337.96/mo
4% rate:
$7,522.96
$354.36/mo
5% rate:
$9,547.52
$371.23/mo
6% rate:
$11,628.61
$388.57/mo
7% rate:
$13,765.56
$406.38/mo
8% rate:
$15,957.59
$424.65/mo
Loan Balance Over Time
What is Student Loan Calculator?
A student loan calculator helps you understand your repayment options, monthly payments, and total costs for education loans. Different repayment plans can significantly impact your financial situation.
Types of Student Loans
- Federal Direct Subsidized: Government pays interest while in school
- Federal Direct Unsubsidized: Interest accrues from disbursement
- Parent PLUS: For parents of undergraduate students
- Grad PLUS: For graduate and professional students
- Private Loans: From banks and other lenders, fewer protections
Federal Repayment Plans
- Standard: Fixed payments over 10 years, lowest total interest
- Graduated: Payments start low and increase every 2 years
- Extended: Lower payments over 25 years, more total interest
- Income-Driven: Payments based on income and family size, potential forgiveness
Income-Driven Repayment Plans
- IBR (Income-Based): 10-15% of discretionary income
- PAYE (Pay As You Earn): 10% of discretionary income
- REPAYE: 10% of discretionary income, no income cap
- ICR (Income-Contingent): 20% of discretionary income or fixed 12-year payment
Loan Forgiveness Programs
- Public Service Loan Forgiveness (PSLF): After 120 qualifying payments in public service
- Income-Driven Forgiveness: After 20-25 years of payments
- Teacher Loan Forgiveness: Up to $17,500 for qualifying teachers
- State-Specific Programs: Various state and profession-specific forgiveness options
Repayment Strategies
- Pay More Than Minimum: Even small extra payments can save significant interest
- Target High-Rate Loans First: Focus extra payments on highest interest rate loans
- Consider Refinancing: Private refinancing may lower rates but eliminates federal protections
- Automatic Payments: Many lenders offer 0.25% rate reduction
- Tax Benefits: Student loan interest deduction up to $2,500 annually
FAQ - Student Loan Calculator
Subsidized loans don't accrue interest while you're in school at least half-time, during grace periods, and deferment. Unsubsidized loans accrue interest from the day they're disbursed. Subsidized loans are only available to undergraduate students with financial need.