Student Loan Calculator
Calculate student loan payments under different repayment plans.
Result
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A student loan calculator helps you understand your repayment options and their true cost. By comparing standard, graduated, extended, and income-based plans side by side, you can choose the strategy that balances affordable monthly payments with minimum total interest paid.
Examples
Standard 10-Year Plan
A $35,000 loan at 5.5% over 10 years has a monthly payment of about $380, with total interest of approximately $10,550.
Income-Based Repayment
With $4,000/month income and a $35,000 loan, income-based payments start around $200/month, but total interest paid is significantly higher over the longer term.
Student Loan Repayment Plans Compared ($35,000 at 5.5%)
| Feature | Standard (10-yr) | Graduated (10-yr) | Extended (25-yr) | Income-Based |
|---|---|---|---|---|
| Monthly Payment | $380 (fixed) | $220-$660 (rising) | $215 (fixed) | ~10% of discretionary income |
| Total Interest Paid | ~$10,550 | ~$12,400 | ~$21,600 | Varies widely |
| Payoff Timeline | 10 years | 10 years | 25 years | 20-25 years |
| Forgiveness Eligible | No | No | No | Yes (after 20-25 years) |
| Best For | Lowest total cost | Expect rising income | Need lowest payment | Low income relative to debt |
Frequently Asked Questions
What is the standard repayment plan?
Fixed monthly payments over 10 years. This costs the least in total interest but has higher monthly payments.
How does income-based repayment work?
Payments are set at 10% of your discretionary income (income above 150% of the poverty level). Any remaining balance may be forgiven after 20 years.
Should I extend my loan term?
Extending lowers monthly payments but increases total interest paid significantly. Only extend if you cannot afford standard payments.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives the remaining balance on Direct Loans after 120 qualifying payments (10 years) while working full-time for a qualifying employer such as government or non-profit organizations.
Should I refinance my student loans?
Refinancing can lower your interest rate, but you lose federal protections like income-based repayment and forgiveness programs. Only refinance federal loans if you are certain you won't need those benefits.
Does paying extra help?
Yes. Extra payments applied to principal reduce total interest significantly. Even $50-100/month extra on a $35,000 loan can save thousands in interest and cut years off the payoff timeline.
Key Terms
- Discretionary Income
- The difference between your adjusted gross income and 150% of the federal poverty guideline for your family size; used to calculate income-based repayment amounts.
- Subsidized Loan
- A federal student loan where the government pays the interest while the student is in school, during grace periods, and during deferment.
- Unsubsidized Loan
- A federal student loan where interest accrues from the day the loan is disbursed, including while the student is in school.
- Loan Servicer
- The company that manages your student loan account, processes payments, and handles repayment plan changes on behalf of the lender.
- PSLF (Public Service Loan Forgiveness)
- A federal program that forgives remaining Direct Loan balances after 120 qualifying payments while employed by a qualifying public service employer.
Sources
- Federal Student Aid Repayment Plans — U.S. Department of Education
- Public Service Loan Forgiveness — Federal Student Aid
- Student Loan Repayment Estimator — Federal Student Aid
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Quick Tips
- •Federal student loans offer flexible repayment options. Private loans typically do not.
- •Making extra payments toward the principal can significantly reduce total interest.
- •Income-based plans may qualify for loan forgiveness after 20-25 years.
- •Consider refinancing if you can get a lower interest rate.