Free Student Loan Calculator
Calculate student loan payments, compare repayment plans, and discover how much you can save by refinancing or making extra payments.
Student Loan Calculator
Compare repayment plans, track PSLF progress, and optimize your payoff strategy
Your Loans
Your Information
From your tax return
For PSLF eligibility
Extra Payment
Additional amount toward principal
Repayment Plan Comparison
| Plan | Monthly | Total Paid | Interest | Time | Forgiven |
|---|---|---|---|---|---|
Standard (10 years) | $326 | $39,069 | $9,069 | 10 years | — |
Graduated (10 years) | $163 | $19,535 | $14,974 | 10 years | — |
Extended (25 years) | $184 | $55,268 | $25,268 | 25 years | — |
SAVE Plan | $134 | $10,284 | $138 | 25 years | $30,003 |
PAYE Plan | $228 | $54,820 | $16,016 | 20 years | — |
IBR Plan | $228 | $54,820 | $16,016 | 20 years | — |
ICR Plan | $285 | $85,515 | $11,047 | 25 years | $0 |
Key Information
- •Income-Driven Plans: Payments based on your income and family size, with forgiveness after 20-25 years.
- •PSLF: Tax-free forgiveness after 120 qualifying payments while working for government/non-profit.
- •SAVE Plan: Most generous IDR plan with interest subsidy and lower payments (5% for undergrad).
- •Recertification: You must recertify your income annually for IDR plans or lose eligibility.
📚 Learn More About Student Loans
🏛️ Federal vs Private Loans
Fixed rates, income-driven repayment, loan forgiveness options, deferment/forbearance.
Variable or fixed rates, credit-based, fewer protections, but potentially lower rates for good credit.
📋 Federal Repayment Plans
- Standard: 10 years, fixed payments
- Graduated: Starts low, increases every 2 years
- Extended: Up to 25 years, lower payments
- Income-Driven: Based on income, 20-25 years, forgiveness after
💰 When to Refinance
Refinancing can save thousands if you have good credit and stable income. You can get lower rates (3-7% vs 6-8% federal).
Warning: Refinancing federal loans means losing forgiveness options and income-driven plans. Only refinance if you don't need these protections.
🚀 Power of Extra Payments
Paying just $100 extra per month on a $30,000 loan at 6% can save $3,000+ in interest and shorten payoff by 3 years!
Pro tip: Apply extra payments to principal, not future payments. Specify this with your servicer.
⚠️ Common Mistakes
- Only paying minimum (costs thousands in interest)
- Refinancing federal loans without considering protections
- Not enrolling in autopay (0.25% rate discount)
- Ignoring income-driven plans when struggling
- Missing payments (damages credit score)
✅ Best Practices
- Enroll in autopay for 0.25% rate discount
- Pay more than minimum when possible
- Target highest interest rate loans first
- Explore income-driven plans if needed
- Check for employer student loan assistance
- Consider Public Service Loan Forgiveness (PSLF)
How to Use This Student Loan Calculator
Enter Loan Details
Input your total loan balance, interest rate, and current monthly payment.
Compare Plans
See how different repayment plans affect your monthly payment and total interest paid.
Test Extra Payments
Add extra monthly payments to see how much you can save and how quickly you'll be debt-free.
Frequently Asked Questions
Should I refinance my student loans?
Refinance if you have good credit (700+), stable income, and don't need federal protections like income-driven repayment or loan forgiveness. You can save thousands with lower rates (3-7% vs 6-8%). However, refinancing federal loans means losing forgiveness options and flexible repayment plans. Only refinance private loans or federal loans if you're certain you won't need these benefits.
What is the fastest way to pay off student loans?
Make extra payments toward principal, use the debt avalanche method (pay highest interest rate first), enroll in autopay for 0.25% discount, and put windfalls (tax refunds, bonuses) toward loans. Even $50-100 extra per month can save thousands in interest and years of payments. Always specify extra payments go to principal, not future payments.
What are income-driven repayment plans?
Income-driven plans (IDR, PAYE, REPAYE, IBR) cap your monthly payment at 10-20% of discretionary income. After 20-25 years of payments, remaining balance is forgiven. These plans are great if you have low income relative to debt, work in public service, or are pursuing PSLF. Recertify income annually to stay enrolled.
Can I get my student loans forgiven?
Yes, through Public Service Loan Forgiveness (PSLF) after 10 years of payments while working for government/non-profit, or through income-driven plans after 20-25 years. Teacher Loan Forgiveness offers up to $17,500 for qualifying teachers. Total and Permanent Disability discharge is available for those who qualify. Federal loans only—private loans don't have forgiveness.