Student Loan Calculator
Calculate student loan payments for federal and private loans. Compare repayment plans including income-driven options and find payoff strategies.
Loan Details
Federal loans: 5-8%, Private loans: 4-14%
Repayment Plan
Monthly Payment
$326
10 years payoff time
Payment Breakdown
$39,120
Total Amount Paid
$9,120
Total Interest Paid
Compare Repayment Plans
Total interest: $9,120
Total interest: $25,200
Payments increase every 2 years
Based on income, potential forgiveness after 20-25 years
Recommendation
Standard plan saves the most on interest if you can afford the payments. Extended/IDR plans offer lower payments but cost more over time.
Pay Off Faster
Student Loan Statistics You Should Know
$1.77T
Total US Student Debt
44M+
Americans with Student Loans
$37,574
Average Debt per Borrower
20 yrs
Average Repayment Time
Quick Tips to Pay Off Your Loans Faster
Autopay Discount
Sign up for autopay to get a 0.25% interest rate reduction. This small change can save hundreds over the life of your loan.
Biweekly Payments
Pay half your payment every two weeks instead of monthly. You'll make 13 full payments per year instead of 12!
Target High Interest
Use the debt avalanche method: pay minimums on all loans, then put extra money toward the highest interest rate loan first.
Employer Benefits
Check if your employer offers student loan repayment assistance - many companies now offer $1,000-$5,000+ per year!
Tax Deduction
Deduct up to $2,500 of student loan interest on your taxes each year. This can lower your taxable income significantly.
Refinance Wisely
Consider refinancing if you have good credit and stable income. But note: refinancing federal loans means losing federal protections.
Understanding Student Loans
Student loans are a common way to finance higher education. Understanding your repayment options can save you thousands of dollars over the life of your loan.
Federal student loans offer more repayment flexibility, including income-driven plans and potential loan forgiveness programs. Private loans typically have fewer options but may offer lower interest rates for borrowers with excellent credit.
The standard repayment plan spreads your payments over 10 years, while extended plans stretch payments to 25 years with lower monthly amounts but more total interest.
Income-driven repayment plans cap your monthly payment at a percentage of your discretionary income and offer forgiveness after 20-25 years of payments.
Repayment Strategies
Make Extra Payments: Even small additional payments can significantly reduce your total interest and payoff time. Apply extra payments to your highest-interest loans first.
Debt Avalanche Method: Focus extra payments on loans with the highest interest rate while making minimum payments on others. This minimizes total interest paid.
Consider Refinancing: If you have good credit and stable income, refinancing private loans could lower your interest rate. Be cautious about refinancing federal loans as you'll lose federal protections.
Set Up Autopay: Most federal and private lenders offer a 0.25% interest rate reduction for enrolling in automatic payments.
Apply Windfalls: Tax refunds, bonuses, and other unexpected income can make a significant dent in your loan balance.
Employer Assistance: Some employers offer student loan repayment assistance as a benefit. Check if your employer provides this perk.
Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF): Work for a qualifying government or nonprofit employer and make 120 qualifying payments to have your remaining balance forgiven tax-free.
Teacher Loan Forgiveness: Teachers in low-income schools may qualify for up to $17,500 in forgiveness after 5 years of service.
IDR Forgiveness: After 20-25 years of payments on an income-driven plan, any remaining balance is forgiven (may be taxable).
Total and Permanent Disability: If you become totally and permanently disabled, you may qualify for complete loan discharge.
Borrower Defense: If your school misled you or engaged in misconduct, you may be eligible for loan discharge.
Frequently Asked Questions
What's the difference between federal and private student loans?
Federal loans are funded by the government and offer fixed interest rates, income-driven repayment plans, and loan forgiveness options. Private loans are from banks or credit unions and typically have variable rates with fewer repayment options.
Which repayment plan should I choose?
Choose Standard for the lowest total cost if you can afford the payments. Choose IDR if you need lower monthly payments or work in public service. Extended or Graduated plans are good middle-ground options.
Should I refinance my student loans?
Refinancing can lower your interest rate but means losing federal loan benefits. Consider refinancing only if you have a stable income, good credit, and don't need federal protections like IDR or PSLF.
How do I qualify for PSLF?
Work full-time for a qualifying government or nonprofit employer, have Direct Loans, be on an IDR plan or Standard plan, and make 120 qualifying monthly payments.
Can I pay off my loans faster?
Yes! Make extra payments toward principal, pay more than the minimum, or make biweekly payments. There are no prepayment penalties on student loans.
What happens if I can't make my payments?
Contact your loan servicer immediately. You may qualify for deferment, forbearance, or income-driven repayment to temporarily reduce or pause payments.