Student Loan Calculator
Calculate loan payments, balances, and repayment terms for your student loans
Student Loan Calculator
Choose what you want to calculate, then fill in the other 3 values
Amount you still owe on your loan
Annual percentage rate (APR)
Student Loan Results
Total Cost Analysis
Financial Metrics
Monthly Payment Breakdown
Financial Analysis
Federal vs Private Loans
Federal Loans
Interest Rate: 4.45% - 6% (fixed)
Benefits: Income-driven plans, forgiveness options
Credit Check: Not required
Subsidized Options: Available for need-based aid
Private Loans
Interest Rate: 7.99%+ (mostly variable)
Benefits: Higher flexibility, no borrowing limits
Credit Check: Required
Forgiveness: Generally not available
Example Calculation
Scenario
Loan Balance: $25,000
Interest Rate: 5.5%
Term: 10 years
Type: Federal Direct Loan
Results
Monthly Payment: $271.07
Total Paid: $32,528
Total Interest: $7,528
Interest %: 23.1% of total
Student Loan Tips
Exhaust federal aid options before private loans
Consider income-driven repayment plans
Make interest payments during school if possible
Research loan forgiveness programs (PSLF)
Consider refinancing high-rate private loans
Keep debt-to-income ratio under 20%
Understanding Student Loans and Repayment
How Student Loans Work
Student loans have three main phases: in-school period (when you receive the loan), grace period (6-12 months after graduation), and repayment period (when you make monthly payments). Interest accrues daily but may be subsidized during certain periods for federal loans.
Interest Capitalization
- •Interest accrues daily on your loan balance
- •Unpaid interest is added to principal at specific times
- •Capitalization increases your total loan balance
Loan Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M: Monthly payment
- P: Principal loan balance
- r: Monthly interest rate (annual rate ÷ 12)
- n: Total number of payments
Note: This calculator uses standard amortization. Income-driven plans have different formulas based on income and family size.
Repayment Options
Standard Repayment Plans:
- • Standard: Fixed payments over 10 years
- • Graduated: Payments increase every 2 years
- • Extended: Lower payments over 25 years
Income-Driven Plans:
- • IDR: Based on income and family size
- • PAYE: Pay As You Earn (10% of discretionary income)
- • REPAYE: Revised Pay As You Earn
- • IBR: Income-Based Repayment
Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF):
- • Work for qualifying public service employer
- • Make 120 qualifying payments
- • Must be on income-driven repayment plan
- • Remaining balance is forgiven tax-free
Teacher Loan Forgiveness:
- • Teach in low-income schools for 5 years
- • Up to $17,500 forgiveness for certain subjects
- • Cannot combine with PSLF
- • Must be highly qualified teacher