Estimate monthly payments, total interest, payoff date, IBR, and PSLF forgiveness for federal and private student loans.
Enter values and click Calculate to see results.
Estimate monthly payments, total interest, payoff date, IBR, and PSLF forgiveness for federal and private student loans.
M = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), IBR = 10% of discretionary income / 12Struggling with student loan debt? Learn practical strategies to pay off student loans faster without refinancing, including extra payments, debt avalanche, employer assistance, and loan forgiveness options.
Read full articleThe Student Loan Repayment Calculator uses the following formula:
The calculation is performed automatically when you click the Calculate button, ensuring error-free results every time. Understanding the formula helps you interpret the results more effectively and see exactly how each input affects the final outcome.
Follow these steps to use the Student Loan Repayment Calculator:
Enter the loan amount in the provided input field (e.g., 35000).
Enter the interest rate (% p.a.) in the provided input field (e.g., 5.5).
Enter the loan term (years) in the provided input field (e.g., 10).
Enter the loan type in the provided input field.
Enter the repayment plan in the provided input field.
Enter the annual income in the provided input field (e.g., 55000).
Enter the family size in the provided input field (e.g., 1).
Enter the extra monthly payment in the provided input field (e.g., 100).
Enter the one-time extra payment in the provided input field (e.g., 0).
Enter the loan start date in the provided input field.
Click the "Calculate" button to compute your results.
Review the detailed results, including charts and breakdowns.
Use the "Reset" button to clear all fields and start a new calculation.
Try the "Load Example" button to see a sample calculation with predefined values.
Here is a practical example to help you understand how the Student Loan Repayment Calculator works.
Enter these values into the calculator (or click “Load Example Values”) to see how the formula produces accurate results.
When using the Student Loan Repayment Calculator, be aware of these common mistakes:
Taking a moment to verify your inputs will ensure the most accurate results.
For the best results when using the Student Loan Repayment Calculator, follow these expert tips:
Federal student loans are funded by the government and offer income-driven repayment plans, forgiveness programs, and fixed interest rates. Private loans are from banks or credit unions with rates based on credit, and generally offer fewer repayment options and no federal forgiveness programs.
IBR caps your monthly payment at 10% of your discretionary income (income above 150% of the poverty line). After 25 years of qualifying payments, any remaining balance is forgiven. Your payment is also capped at the standard 10-year repayment amount.
Public Service Loan Forgiveness (PSLF) forgives the remaining balance on federal Direct Loans after 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer, such as government or nonprofit organizations.
Yes. Any extra payment goes directly toward reducing your principal balance, which reduces the amount that accrues interest going forward. Even $50 extra per month can save thousands in interest over the life of a typical student loan.
The standard repayment plan sets fixed monthly payments over a 10-year term (or up to 30 years for consolidated loans). You pay the same amount each month until the loan is fully repaid.
Graduated repayment starts with lower payments that increase every two years. This plan is designed for borrowers who expect their income to grow over time. Payments never exceed 1.5 times the standard payment.
Extended repayment stretches your loan term up to 25 years, lowering monthly payments but increasing total interest paid. This option is available for borrowers with more than $30,000 in Direct Loans.
Under current law, forgiven student loan amounts may be considered taxable income by the IRS, unless specific exceptions apply. PSLF forgiveness is not taxable, but IBR forgiveness after 25 years may be taxable at the state and federal level.