Student Loan Calculator

How to Estimate Your Student Loan Payment?

Student loan payments depend on the balance, interest rate, and repayment term. Enter these values along with any planned extra monthly payment in the calculator above. It shows your standard monthly payment, total interest, total amount repaid, and if you add extra payments, the interest saved and shortened payoff timeline. The standard federal loan repayment plan is 10 years, but extended plans stretch to 20-25 years with lower payments but substantially more interest over the life of the loan.

Federal Student Loan Interest Rates

Federal loan rates are set annually by Congress and fixed for the life of each loan. 2024-2025 rates: Direct Subsidized and Unsubsidized (undergraduate): 6.53%. Direct Unsubsidized (graduate): 8.08%. Direct PLUS (parent/graduate): 9.08%. Rates have ranged from 2.75% (2020-2021) to 8.5%+ for PLUS loans in high-rate years. Private student loans vary from 4% to 16%+ depending on the lender, credit score, and whether the rate is fixed or variable. Federal loans offer income-driven repayment, deferment, forbearance, and potential forgiveness that private loans typically do not, making federal borrowing preferable when available.

Average Student Loan Debt by Degree

Bachelor degree average: $33,500 (federal loans only). Including private loans: $37,000-$40,000. Master degree: $55,000-$80,000 depending on field. MBA: $66,000 (public) to $120,000+ (top private programs). Law school: $130,000-$160,000 at private schools. Medical school: $200,000-$250,000. Dental school: $290,000+. A $35,000 balance at 6% for 10 years: $389/month, $11,618 total interest. A $200,000 medical school balance at 7% for 10 years: $2,322/month, $78,622 total interest. The payment burden relative to expected starting salary determines whether the debt is manageable or crushing.

Standard vs Extended vs Graduated Repayment

Standard (10 years): highest monthly payment, lowest total interest. $40,000 at 6%: $444/month, $13,290 interest. Extended (25 years): lower payment, far more interest. Same loan: $258/month, $37,326 interest. Graduated (10 years): payments start low and increase every 2 years. Same loan: starts at $276, increases to $588, total interest $15,775. The extended plan cuts the payment by 42% but nearly triples the interest cost. Graduated works for borrowers expecting significant salary growth who cannot afford the standard payment initially but will earn substantially more within a few years.

Income-Driven Repayment Plans

SAVE (Saving on a Valuable Education): payments capped at 10% of discretionary income for graduate loans, 5% for undergraduate. Remaining balance forgiven after 20-25 years. IBR (Income-Based Repayment): 10-15% of discretionary income. PAYE (Pay As You Earn): 10% of discretionary income, 20-year forgiveness. A borrower earning $50,000 with $40,000 in undergraduate loans on SAVE: discretionary income = $50,000 minus 225% of poverty level ($33,975) = $16,025. Payment: $16,025 x 5% / 12 = $67/month. Compared to $444/month standard. IDR plans are essential for borrowers whose payment would exceed 10-15% of discretionary income on the standard plan.

Public Service Loan Forgiveness (PSLF)

PSLF forgives remaining federal loan balances after 120 qualifying payments (10 years) while working full-time for a qualifying employer (government, nonprofit, certain public service organizations). On a $100,000 balance with $500/month IDR payments: 120 payments = $60,000 paid, remaining $40,000+ forgiven tax-free. PSLF forgiveness is not taxable income. Requirements: Direct Loans only (FFEL and Perkins must be consolidated first), qualifying employer for all 120 payments, and enrollment in an IDR plan. Teachers, social workers, public defenders, military, and government employees are prime PSLF candidates.

Student Loan Interest Deduction

Deduct up to $2,500 in student loan interest from taxable income (above-the-line deduction, available even without itemizing). At the 22% federal bracket: $2,500 deduction saves $550 in federal tax. Phase-out: single filers $80,000-$95,000 MAGI. Married filing jointly: $165,000-$195,000. Both federal and most private student loan interest qualifies. This deduction is most valuable in the early years of repayment when interest comprises the majority of each payment. A $40,000 loan at 6% generates approximately $2,340 in interest in year one - nearly the full $2,500 deduction limit.

Refinancing Student Loans: Pros and Risks

Refinancing replaces existing loans (federal or private) with a new private loan at potentially lower rates. Borrowers with strong credit (720+), stable income, and low DTI may qualify for rates of 4-6% versus 6-9% on existing loans. On $50,000 at 7% refinanced to 5%: saves $5,600 in interest over 10 years. Critical risk: refinancing federal loans into private loans permanently forfeits federal protections including IDR plans, PSLF eligibility, deferment, and forbearance. Only refinance federal loans if you are certain you will never need these protections and the rate savings justify losing the safety net. Refinancing private loans carries no such trade-off because private loans lack federal protections to begin with.

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