🎓 Student Loan Calculator
Compare repayment plans, calculate monthly payments, and discover strategies to pay off your student loans faster. Find the best repayment plan for your situation.
Compare repayment plans, calculate monthly payments, and discover strategies to pay off your student loans faster. Find the best repayment plan for your situation.
| Plan Type | Monthly Payment | Total Interest | Total Cost |
|---|
Standard Repayment: Fixed monthly payments over 10 years. Lowest total interest but highest monthly payment.
Graduated Repayment: Payments start low and increase every 2 years. Good for those expecting income growth.
Extended Repayment: Fixed or graduated payments over 25 years. Lower monthly payments but more interest.
Income-Driven Plans: Payments based on income and family size. May qualify for forgiveness after 20-25 years.
Student loan refinancing can help you secure a lower interest rate, reducing your total interest paid and monthly payment.
Consolidation combines multiple federal loans into one Direct Consolidation Loan with a single monthly payment.
Federal student loans offer multiple repayment plans. The right plan depends on your loan balance, income, and whether you're pursuing Public Service Loan Forgiveness (PSLF). Here's a comparison of the main options:
| Repayment Plan | Term | Payment Basis | Forgiveness? |
|---|---|---|---|
| Standard | 10 years | Fixed × pays off in 10 yrs | No |
| Graduated | 10 years | Low start, doubles by end | No |
| Extended | 25 years | Fixed or graduated | No |
| SAVE (Saving on Valuable Education) | 20×25 years | 5×10% of discretionary income | Yes × after 20×25 yrs |
| IBR (Income-Based Repayment) | 20×25 years | 10×15% of discretionary income | Yes × after 20×25 yrs |
| PSLF (Public Service) | 10 years | % of income (IDR required) | Yes × after 120 payments |
| Degree Type | Avg Debt at Graduation | Standard Monthly Payment |
|---|---|---|
| Associate Degree | $14,000 | $147/mo (10 yr) |
| Bachelor's Degree | $29,500 | $310/mo (10 yr) |
| Master's Degree | $66,000 | $693/mo (10 yr) |
| Law Degree (JD) | $130,000 | $1,365/mo (10 yr) |
| Medical Degree (MD) | $202,000 | $2,120/mo (10 yr) |
The standard repayment plan is a 10-year fixed payment plan for federal student loans. You'll pay the same amount each month for 120 months. This plan typically results in the lowest total interest paid but has higher monthly payments compared to other plans.
Making extra payments can significantly reduce your total interest and help you become debt-free sooner. However, first ensure you have an emergency fund and are taking advantage of any employer 401(k) match. If your loan interest rate is low (under 4-5%), you might benefit more from investing extra money instead.
Federal loans offer benefits like income-driven repayment plans, deferment/forbearance options, and potential loan forgiveness. They typically have fixed interest rates set by Congress. Private loans from banks or credit unions may have variable rates, require credit checks, and don't offer the same flexible repayment options or forgiveness programs.
Income-driven repayment plans (IDR) set your monthly payment based on your income and family size, typically 10-20% of discretionary income. Plans include IBR, PAYE, REPAYE, and ICR. After 20-25 years of qualifying payments, any remaining balance may be forgiven (though forgiven amounts may be taxable). You must recertify your income annually.
Consider refinancing if you have good credit (typically 650+), stable income, and high interest rates (above 5-6%). Refinancing can lower your rate and save thousands in interest. However, refinancing federal loans with a private lender means losing federal benefits like income-driven repayment, forbearance options, and forgiveness programs. Never refinance federal loans if you're pursuing PSLF or other forgiveness programs.
If you're struggling with payments, contact your loan servicer immediately. Options include: switching to an income-driven repayment plan (federal loans), requesting deferment or forbearance (temporarily pause payments), or applying for economic hardship deferment. Don't ignore the problem×defaulting on student loans can damage your credit and result in wage garnishment.
To qualify for PSLF, you must: (1) have Direct Loans (or consolidate other federal loans), (2) work full-time for a qualifying employer (government or 501(c)(3) nonprofit), (3) make 120 qualifying monthly payments under an income-driven or 10-year standard repayment plan, and (4) be employed by a qualifying employer at the time of forgiveness. Submit an Employment Certification Form annually to track progress.
This depends on your interest rate and personal situation. Generally: (1) Always get full employer 401(k) match first (free money), (2) If loan interest is above 7%, prioritize loan payoff, (3) If below 5%, consider splitting between loans and retirement, (4) Build a small emergency fund (3-6 months) before aggressively paying loans. The key is finding a balance that works for your financial goals and risk tolerance.