How to use this student loan calculator
Enter your total balance, interest rate, and whether the loan is federal or private. Pick a standard term, or switch to income-driven and enter your income and family size for an estimated SAVE/PAYE-style payment. Add an extra monthly payment to see how much faster you'd be done.
Standard vs income-driven repayment
- Standard — fixed payment that clears the loan in a set term (commonly 10 years). Lowest total interest.
- Income-driven — payment based on income and family size; lower monthly, but more interest over time, with forgiveness after 20–25 years.
Frequently asked questions
How is the payment calculated?
A standard plan amortizes your balance over the term at your rate; the calculator also shows total interest and payoff timeline.
What is income-driven repayment?
Payments based on ~10% of discretionary income above 150% of the poverty line, with forgiveness after 20–25 years. The calculator estimates a SAVE/PAYE-style payment.
Should I refinance?
Maybe — but refinancing federal loans forfeits federal protections. Compare the rate savings against what you'd lose.
How much do extra payments save?
Enter an extra amount to see the time and interest saved.
Related calculators & guides
This calculator is for educational and planning purposes only and provides estimates, not financial advice. Federal repayment rules and poverty guidelines change — verify current figures with your servicer and StudentAid.gov. See how we calculate.