Student Loan Calculator

The Student Loan Calculator is a free tool that estimates your monthly student loan payment, total interest, and payoff date across multiple repayment plans. Over 45 million Americans carry student loan debt averaging $37,000 per borrower. Compare Standard, Graduated, Extended, and Income-Driven repayment plans side by side, and use the Extra Payment calculator to see how paying even $50–$100 extra per month can save thousands in interest and years off your repayment timeline.

Whether you are a recent graduate choosing your first repayment plan or a mid-career professional considering refinancing, this calculator gives you the numbers you need to make an informed decision. Every calculation runs instantly in your browser — no signup, no data collection.

Enter your total loan balance, interest rate, and select a repayment plan. The calculator shows your monthly payment, total interest over the life of the loan, and payoff date. Use the comparison table to see all four plans side by side. Enter extra monthly payments to see how much time and money you can save.

The Standard 10-year plan uses fixed monthly payments calculated with the standard amortization formula. It costs the least in total interest because you pay off the debt in the shortest time. For a $37,000 loan at 5.50%, the standard plan requires about $401/month.

The Graduated plan starts with payments at 60% of the standard amount and increases by 15% every two years. This suits borrowers who expect rising income but costs more in total interest since less principal is paid early on.

The Extended plan stretches payments over 25 years. Monthly payments are lower, but you pay significantly more total interest — often double or triple what the standard plan costs. This option is available for balances over $30,000.

Income-driven plans cap your payment at 10% of discretionary income — the amount your income exceeds 150% of the federal poverty line. These plans are designed for borrowers whose standard payment would be a financial hardship.

After 20 years of qualifying payments, any remaining balance is forgiven. However, the forgiven amount may be taxable as income, creating a potential tax bill at the end. Borrowers in public service may qualify for forgiveness after just 10 years through the PSLF program.

The tradeoff is clear: income-driven plans offer the lowest monthly payments but typically result in the highest total cost due to extended repayment and ongoing interest accumulation. Use the comparison table to see the exact dollar difference for your situation.

Pay more than the minimum. Even $50 extra per month makes a measurable difference. On a $37,000 loan at 5.50%, an extra $100/month saves roughly $3,000 in interest and eliminates 2.5 years of payments. Use the Extra Payment section above to model your exact savings.

Target high-interest loans first. If you have multiple loans, directing extra payments to the highest-rate loan (the avalanche method) saves the most money mathematically.

Consider refinancing carefully. A lower rate saves money, but refinancing federal loans into a private loan means losing income-driven repayment, forgiveness programs, and federal forbearance options. The Refinancing Comparison section helps you weigh the tradeoff.