Student Loan Calculator
Free student loan calculator with standard, graduated, and income-driven repayment plans. See total cost and forgiveness timelines. No loan serviser bias.
Monthly Payment
$0
Total Interest
$0
Total Paid
$0
Payoff Date
—
$
$5K$200K
%
1%12%
$
$0$1,000
Repayment Timeline
Formula Used
Standard 10-Year Payment:
M = P × [r(1+r)^120] / [(1+r)^120 - 1]
Income-Driven (IBR):
M = 15% × (AGI - 150% × FPL) / 12
Where:
P = Total loan balance
r = Monthly interest rate
AGI = Adjusted Gross Income
FPL = Federal Poverty Level for your state/household
How This Student Loan Calculator Works
Compare federal student loan repayment plans side by side to find the best strategy for your situation.
Repayment Plans Compared
- Standard (10 years): Fixed monthly payments, lowest total interest, fastest payoff
- Graduated: Payments start low and increase every 2 years — good if you expect income growth
- Extended (25 years): Lower monthly payments but significantly more interest over time
Should You Refinance?
Refinancing can lower your rate, but you lose federal protections (IDR plans, PSLF, forbearance). Only refinance private loans or federal loans you won't need flexibility on.
How to Use This Calculator
Step-by-Step Instructions
- Total Loan Balance: Enter your current student loan balance across all loans. If you have multiple federal loans with different rates, you can either combine them into a weighted-average rate or run separate calculations. The range is $5,000 to $200,000.
- Interest Rate: Your loan's annual interest rate. Federal undergraduate loans for 2025-2026 are 6.53%, graduate loans 8.08%, and PLUS loans 9.08%. Private loan rates vary by credit profile. Enter the weighted average if combining multiple loans.
- Repayment Plan: Choose one of three options:
- Standard 10yr — Fixed payments over 10 years. Highest monthly cost, lowest total interest. This is the default federal plan.
- Graduated — Payments start roughly 40% lower and increase every two years. You'll pay more total interest, but it helps if your income is lower early in your career.
- Extended 25yr — Stretches payments over 25 years for the lowest monthly obligation. Requires at least $30,000 in federal loans. Much higher total interest.
- Extra Monthly Payment: Any additional amount you can pay above the required minimum. Even $50-$100 extra per month can shave years off your repayment and save thousands in interest. The slider goes to $1,000/month.
Example Scenario
You graduated with $35,000 in federal student loans at a 5.5% interest rate. On the Standard 10-year plan, your monthly payment is $380 and you'll pay about $10,600 in total interest over the life of the loan. If you switch to the Extended 25-year plan, your monthly payment drops to $215 — much more manageable month-to-month — but your total interest balloons to over $29,000. Now try adding a $100 extra monthly payment on the Standard plan: monthly cost becomes $480, but total interest drops to roughly $7,900 and you pay off the loan about 2.5 years earlier.
What the Results Mean
- Monthly Payment: Your required payment under the selected plan (before extras). For Graduated plans, this shows the starting payment — it will increase every two years.
- Total Interest: The total interest you'll pay over the entire life of the loan. This is the cost of borrowing — and the number that jumps dramatically when you extend the repayment term.
- Total Paid: Loan balance plus total interest. This is what your education actually costs you. Compare this number across plans to see the true trade-off.
- Payoff Date: The month and year your balance reaches $0. Add extra payments and watch this date move closer.
- Repayment Timeline Chart: Visualizes your remaining balance over time, showing how different plans affect how quickly (or slowly) you chip away at the principal.
Frequently Asked Questions
How do I calculate my student loan monthly payment?
Student loan payments are calculated using standard amortization — the same formula used for mortgages and auto loans. Your payment depends on your total loan balance, interest rate, and repayment term (typically 10 years for standard federal loans, but income-driven plans can extend to 20-25 years). Use CalcDeck's free student loan calculator to model your exact scenario including multiple loans at different rates.
What's the difference between federal and private student loans?
Federal student loans offer fixed interest rates, income-driven repayment plans, deferment/forbearance options, and potential loan forgiveness programs (PSLF). Private student loans are credit-based with variable or fixed rates, fewer repayment flexibility options, and no forgiveness programs. Always max out federal loans before considering private loans. Federal undergraduate rates for 2025-2026 are approximately 6.53% for Direct Unsubsidized loans.
Should I refinance my student loans?
Refinancing student loans can lower your interest rate and monthly payment, but it converts federal loans to private loans — permanently losing federal benefits like income-driven repayment and forgiveness programs. Refinance if: you have stable income, excellent credit, won't need federal protections, and can save 1%+ on your rate. Don't refinance if you work in public service (pursuing PSLF) or have unstable income. Use CalcDeck's student loan calculator to compare your current payments vs. refinanced payments.
What is an income-driven repayment (IDR) plan?
Income-driven repayment plans cap your monthly federal student loan payment at a percentage of your discretionary income (typically 10-20%) and extend your repayment term to 20-25 years. After the term, any remaining balance may be forgiven (potentially taxable). IDR plans include SAVE, IBR, PAYE, and ICR. These plans reduce monthly payments but increase total interest paid over the extended term.
How much total interest will I pay on my student loans?
Total interest depends on your loan balance, interest rate, and repayment term. A $30,000 loan at 6.5% on a standard 10-year plan costs about $10,800 in total interest. Stretch that to 20 years on an income-driven plan and interest could exceed $24,000. Paying extra toward principal — even $50/month — can save thousands. Use CalcDeck's student loan calculator to see your total interest and model accelerated payoff strategies.