Student Loan Calculator

About the Student Loan Calculator

Student loan debt in the USA has surpassed $1.7 trillion, affecting over 43 million borrowers. Our student loan calculator helps you understand your monthly payment under different repayment plans, total interest cost, and payoff timeline. We support standard 10-year repayment, graduated repayment, extended repayment, and income-driven repayment (IDR) plan comparisons for both federal and private student loans.

How It Works

Federal student loans use standard amortization for the 10-year standard plan. Income-driven plans (IBR, PAYE, SAVE) cap payments at 5–10% of discretionary income with forgiveness after 20–25 years. The total cost under IDR plans is often higher despite lower monthly payments because of extended interest accumulation — our calculator shows this clearly. For private student loans, terms are set by the lender and typically range from 5–20 years.

Tips & Best Practices

• ✓Public Service Loan Forgiveness (PSLF) forgives federal loans after 10 years of qualifying payments for government and nonprofit employees.
• ✓Refinancing federal loans to private eliminates income-driven repayment and forgiveness options.
• ✓The average medical school graduate has $200,000+ in loans — loan forgiveness programs are critical to model.
• ✓Extra payments on subsidized loans are most impactful right after graduation before interest capitalizes.
• ✓The SAVE plan introduced in 2024 caps undergraduate loan payments at 5% of discretionary income.

Who Uses This Calculator

Recent graduates choosing a repayment plan, people considering refinancing their student loans, and prospective students modeling the financial impact of their educational choices use this calculator to make one of the most significant financial decisions of their lives.