Student Loan Calculator
Calculate student loan payments with multiple repayment plans including standard, graduated, extended, and income-driven options. Compare forgiveness programs and refinancing options.
How to Use This Calculator
- Add your loans - Click “Add Loan” to enter each student loan with its balance, interest rate, and type
- Enter your income - Required for income-driven repayment plan calculations
- Choose a repayment plan - Compare Standard, Graduated, Extended, and Income-Driven options
- Add extra payments - See how additional payments accelerate payoff
- Click Calculate to see payment schedules, total costs, and forgiveness estimates
🎓 Your Student Loans
Add all your federal and private student loans to get a complete picture.
💰 Your Income (For IDR Plans)
📋 Repayment Options
💸 Extra Payments (Optional)
🎓 Understanding Student Loan Repayment Plans
Federal student loans offer multiple repayment options to fit different financial situations. Standard plans have fixed payments over 10 years, while income-driven plans base payments on your income and family size, with potential forgiveness after 20-25 years.
📊 Repayment Plans at a Glance
- Standard: Fixed payments, 10 years, pay least interest overall
- Graduated: Payments start low, increase every 2 years, 10 years
- Extended: Lower payments over 25 years (requires $30K+ in loans)
- IBR: 10-15% of discretionary income, forgiveness after 20-25 years
- PAYE: 10% of discretionary income, forgiveness after 20 years
- SAVE: Newest plan, 5-10% of discretionary income, interest benefits
- ICR: 20% of discretionary income or 12-year fixed, forgiveness after 25 years
🏛️ Public Service Loan Forgiveness (PSLF)
If you work for a government agency or qualifying non-profit organization, you may qualify for PSLF after making 120 qualifying payments (10 years) while on an income-driven plan. The remaining balance is forgiven tax-free!
💡 Student Loan Tips
- Avalanche Method: Pay minimums on all loans, extra toward highest interest rate
- Snowball Method: Pay off smallest balances first for psychological wins
- Autopay Discount: Most servicers offer 0.25% rate reduction for autopay
- Tax Deduction: Deduct up to $2,500 in student loan interest annually
- Employer Benefits: Check if your employer offers student loan repayment assistance
⚠️ Important Considerations
- Forgiveness Taxability: IDR forgiveness may be taxable income (except PSLF)
- Private Loans: Not eligible for federal income-driven plans or forgiveness
- Refinancing Trade-offs: Lower rates but lose federal protections and forgiveness options
- Income Recertification: IDR plans require annual income recertification
🔗 Save & Share Your Plan
Your loan details and repayment plan are automatically saved in the URL. You can bookmark this page to save your calculation, or use the Share button to send it to a financial advisor or family member.