Student Loan Calculator

What this calculator does

This calculator computes your monthly student loan payment under the standard fixed-rate amortization formula — the same math used by the federal Standard Repayment Plan and most private student loans. Choose a 10, 15, 20, or 25-year term to see how the timeline affects your monthly payment and total interest.

Standard vs income-driven repayment

Federal student loans default to a 10-year standard schedule unless you opt into another plan. Income-driven plans (IBR, PAYE, SAVE) cap your payment at a percentage of discretionary income — useful if your balance is high relative to income. They lower the monthly burden but usually increase total interest paid.

Should you pay extra?

Extra principal payments save substantial interest because student loan interest is computed daily on the balance. Even $50–$100 extra per month can shave a year or more off a 10-year schedule. The trade-off is that money is no longer available for retirement saving or emergency funds — so capture any 401(k) match and build a starter emergency fund before throwing extra at the loan.

Tips and common mistakes

• Don't refinance federal loans casually. You permanently lose access to forgiveness, income-driven plans, deferment, and forbearance. The rate drop must clearly outweigh those losses.
• Set up auto-pay. Most servicers offer a 0.25% rate discount for auto-pay. It's small but free.
• Track interest capitalization. When unpaid interest gets added to your principal (after deferment, forbearance, or income-driven plan transitions), your effective rate jumps.
• Apply extras to highest-rate loans first. If you have multiple loans, target the one with the highest interest rate.

Frequently asked questions

What is the standard repayment plan?

The standard plan is the default for federal student loans: equal monthly payments over 10 years (120 months). It costs less in total interest than income-driven plans because the payoff is faster, but the monthly payment is higher.

What is income-driven repayment?

Income-driven plans (IBR, PAYE, SAVE) cap your monthly payment at 5–20% of your discretionary income, with any remaining balance forgiven after 20–25 years. They lower the monthly payment dramatically but extend the term and can substantially increase total interest.

Should I refinance my student loans?

Refinancing federal loans into a private loan can lower your rate, but you permanently lose access to income-driven plans, deferment, forbearance, and federal forgiveness programs. Only refinance federal loans if you have stable income and are sure you won't need those protections. Refinancing private loans is much more clearly worth it if you can drop the rate.

Do student loans qualify for forgiveness?

Several federal programs forgive remaining balances: Public Service Loan Forgiveness (after 120 qualifying payments in eligible jobs), teacher loan forgiveness, and the income-driven 20–25 year forgiveness. Private loans don't have forgiveness programs.

Is it worth paying extra each month?

Yes — extra principal payments shorten the schedule and dramatically reduce total interest, especially on high-rate loans. But: (1) capture employer 401(k) matching first, (2) build a small emergency fund first so a surprise expense doesn't push you back into other debt.