Student Loan Calculator - Compare Repayment Plans & Find Best Options
Student Loan Calculator
Enter your loan details above to compare different repayment plans and find the best option for your situation
Understanding Student Loan Repayment Options
Federal Student Loans
Federal student loans offer multiple repayment options, forgiveness programs, and borrower protections not available with private loans. Understanding these benefits is crucial for making informed repayment decisions.
Repayment Plan Options
Federal loans offer several repayment plans, each designed for different financial situations. Choosing the right plan can save thousands in interest and make payments more manageable.
Public Service Loan Forgiveness (PSLF)
PSLF forgives remaining federal student loan balances after 120 qualifying payments while working full-time for qualifying public service employers.
Income-Driven Repayment (IDR)
IDR plans cap monthly payments at a percentage of your discretionary income and forgive remaining balances after 20-25 years of qualifying payments.
Student Loan Statistics & Trends
Total U.S. Student Loan Debt
Americans with Student Loan Debt
Average Borrower Balance
💡 Key Insight: The average student loan borrower takes 20 years to repay their loans, with many qualifying for forgiveness programs they may not know about. Use our calculator to explore your options.
Frequently Asked Questions
How do I calculate my student loan monthly payment?
To calculate your student loan monthly payment, multiply your loan amount by the monthly interest rate (annual rate ÷ 12), then use the amortization formula: Payment = P × [r(1+r)^n] ÷ [(1+r)^n-1], where P is principal, r is monthly rate, and n is number of payments. Our calculator does this automatically and shows payments for different repayment plans.
What is the difference between Standard and Income-Driven repayment plans?
Standard repayment has fixed monthly payments for 10 years, paying the least interest overall. Income-Driven Repayment (IDR) plans cap payments at 10-20% of your discretionary income and extend repayment to 20-25 years, with remaining balance forgiven. IDR plans result in lower monthly payments but potentially more total interest paid.
How do I qualify for PSLF (Public Service Loan Forgiveness)?
To qualify for PSLF, you must: 1) Have federal Direct Loans, 2) Work full-time for a qualifying public service employer, 3) Make 120 qualifying monthly payments under an IDR plan, 4) Be current on your payments. After 120 payments (10 years), your remaining loan balance is forgiven tax-free. Use our PSLF calculator to check your eligibility.
Which student loan repayment plan is best?
The best repayment plan depends on your situation: Standard plan is best if you can afford higher payments (least total interest). Income-Driven plans are best if you need lower payments or work in public service (PSLF eligibility). Extended/Graduated plans offer middle-ground options. Our calculator compares all plans to find the most cost-effective option for your income and loan terms.
How much interest will I pay on my student loans?
Student loan interest depends on your loan amount, interest rate, and repayment term. For example, a $30,000 loan at 4.99% for 10 years costs about $8,300 in total interest. Our calculator shows exact interest amounts for different repayment plans and helps you find strategies to minimize interest costs through extra payments or forgiveness programs.