Calculate student loan payments, compare repayment plans, and see how different options affect your total costs. Compare standard, graduated, and income-based repayment plans with detailed amortization schedules.
Enter your total loan amount, average interest rate, loan term, grace period (the months before repayment begins), and select your repayment plan. For income-based repayment, you'll need to enter your annual income and family size. The calculator shows your monthly payment, total interest, total cost, and estimated payoff date.
Compare standard, graduated, and income-based repayment plans side by side. Enter your loan details once and see how each plan affects your monthly payments, total interest, and total cost over the life of the loan.
Generate a detailed amortization schedule showing the breakdown of each payment into principal and interest, along with the remaining balance after each payment.
Example: For a $35,000 student loan at 5.5% interest over 10 years with a 6-month grace period under the standard plan, you would pay approximately $380 per month with $10,576 in total interest.
Fixed monthly payments over a set term (typically 10 years). This plan usually results in the lowest total interest paid and the fastest payoff time. Payments are the same amount every month for the life of the loan.
Payments start lower and increase every two years, typically over a 10-year term. This plan is ideal for borrowers who expect their income to increase over time. You'll pay more total interest than the standard plan.
Payments are capped at 10-15% of your discretionary income. Payments can be as low as $0 if your income is low enough. Any remaining balance is forgiven after 20-25 years, but the forgiven amount may be taxable.
Payments are limited to 10% of your discretionary income, but never more than the standard 10-year payment. Loan forgiveness after 20 years. Available to newer borrowers with a partial financial hardship.
After making 120 qualifying payments while working full-time for a qualifying employer (government or non-profit), the remaining balance on your Direct Loans may be forgiven tax-free.
Payments are 10% of discretionary income regardless of when you borrowed. Interest subsidy benefit: the government pays half of unpaid interest. Forgiveness after 20 years (undergrad) or 25 years (graduate).
Payments start at approximately 50% of the standard payment and increase every 2 years by a fixed percentage (typically 20-25% increase per step). The total payment over the loan term ensures the loan is fully amortized.
Payments are capped at 10% of discretionary income (AGI minus 150% of the federal poverty guideline for your family size). If this amount is less than the standard payment, you pay the lower amount.
This calculates the total amount of interest paid over the life of the loan.
Calculate your actual education costs and borrow only what's necessary. Remember that every dollar borrowed must be repaid with interest.
Federal student loans typically offer lower interest rates, flexible repayment plans, and borrower protections that private loans don't provide.
Free money for education reduces or eliminates the need for loans. Spend time researching and applying for scholarships and grants.
Choose a repayment plan that aligns with your expected starting salary. A general rule: total student loans should not exceed your expected first-year salary.
If possible, make interest-only or full payments during your grace period. This prevents interest from capitalizing and reduces your total loan cost.
Many loan servicers offer a 0.25% interest rate reduction for enrolling in automatic payments. It also ensures you never miss a payment.
Any extra payment goes directly toward your principal balance, reducing the total interest you'll pay over the life of the loan.
If you have good credit and stable income, refinancing with a private lender could lower your interest rate. Be aware this means losing federal loan benefits.
If working toward Public Service Loan Forgiveness, submit Employment Certification Forms annually and keep meticulous records of your qualifying payments.
Our comprehensive student loan calculator is designed to help students and graduates make informed decisions about their education financing. Whether you're planning for college, currently in school, or already in repayment, our tool provides accurate calculations for multiple repayment scenarios.
Compare standard, graduated, and income-based repayment plans side by side to find the best option for your financial situation.
View complete amortization schedules showing exactly how each payment is split between principal and interest.
Account for your grace period to see how it affects your repayment timeline and total costs.
All calculations are performed locally in your browser. No personal financial data is stored or transmitted.
Responsive design ensures perfect functionality across all devices and screen sizes.
Professional-grade student loan calculations at no cost, with no registration or hidden fees required.
Disclaimer: This calculator is designed for estimation purposes and educational use. While we strive to ensure accuracy, actual loan terms, payments, and costs may vary based on lender policies, loan type (federal vs. private), specific repayment plan details, and individual circumstances. Income-based repayment calculations are simplified estimates. For important financial decisions, always consult with qualified financial professionals and your loan servicer.