Student Loan Calculator
Calculate monthly payments, total interest, and payoff timeline for your student loans. Compare Standard, Graduated, Income-Based, and Extended repayment plans with loan forgiveness options.
Total amount borrowed
Annual interest rate (APR)
Maximum repayment period
Multiple Repayment Plans
Compare Standard, Graduated, Income-Based, and Extended repayment options.
Forgiveness Options
Calculate savings with Public Service, Teacher, and Income-Driven forgiveness programs.
100% Private
All calculations happen in your browser. Your financial information never leaves your device.
How It Works
Repayment Plans Explained
- Standard Repayment: Fixed monthly payments over 10 years using the standard amortization formula
- Graduated Repayment: Starts with lower payments that increase every 2 years, typically over 10 years
- Income-Based Repayment (IBR): Monthly payment is 10% of discretionary income (annual income minus 150% of poverty guideline)
- Extended Repayment: Fixed monthly payments stretched over up to 25 years for lower payments but more total interest
Loan Forgiveness Programs
- Public Service Loan Forgiveness (PSLF): Remaining balance forgiven after 120 qualifying payments (10 years) while working for government or non-profit
- Teacher Loan Forgiveness: Up to $17,500 forgiven after 5 years of teaching in low-income schools
- Income-Driven Forgiveness: Remaining balance forgiven after 20-25 years of income-driven payments
Example Calculation
$50,000 student loan at 5% APR over 10 years (Standard Plan):
- Loan Amount: $50,000
- Interest Rate: 5.0% APR
- Monthly Payment: $530
- Total Interest Paid: $13,639
- Total Amount Paid: $63,639
- Payoff Date: 10 years from today
Frequently Asked Questions
What is the difference between Standard and Income-Based repayment?
Standard repayment has fixed monthly payments over 10 years based on your loan amount. Income-Based Repayment (IBR) calculates payments as 10% of your discretionary income, which can result in lower monthly payments but potentially longer repayment periods and more interest paid.
How does Public Service Loan Forgiveness (PSLF) work?
Public Service Loan Forgiveness forgives the remaining balance on federal Direct Loans after 120 qualifying monthly payments (10 years) while working full-time for a qualifying public service employer, such as government or non-profit organizations.
What is a Graduated Repayment Plan?
A Graduated Repayment Plan starts with lower monthly payments that increase every two years. This is designed for borrowers who expect their income to increase over time. The loan is typically paid off in 10 years.
Should I choose a longer loan term?
A longer loan term (like Extended Repayment) reduces your monthly payment but increases the total interest you'll pay over the life of the loan. Choose a longer term only if you need lower monthly payments to fit your budget.
Is my student loan information private?
Yes, absolutely! All calculations happen entirely in your browser. Your loan and financial information is never sent to any server, ensuring complete privacy and security.
What is discretionary income for Income-Based Repayment?
Discretionary income is the difference between your annual income and 150% of the federal poverty guideline for your family size. Income-Based Repayment calculates your payment as 10% of this discretionary income divided by 12 months.