Student Loan Calculator
Calculate your student loan payments, total interest, and payoff timeline. Compare repayment plans and see how extra payments can save you thousands in interest.
Loan Details
Your Situation
Monthly Payment
Standard: $397 + Extra: $0
Debt-to-Income Analysis
Your student loan payment is 7.9% of your gross income. This is a manageable level.
Extra Payment Scenarios
| Extra/Month | Total Payment | Payoff Time | Interest Saved |
|---|---|---|---|
| None | $397 | 10y 0m | - |
| +$50 | $447 | 8y 7m | $2,040 |
| +$100 | $497 | 7y 5m | $3,504 |
| +$200 | $597 | 5y 11m | $5,471 |
| +$300 | $697 | 4y 11m | $6,735 |
| +$500 | $897 | 3y 8m | $8,267 |
Repayment Plan Comparison
| Plan | Monthly | Time | Total Interest |
|---|---|---|---|
| Standard (10 year) | $397 | 10y 0m | $12,690 |
| With Extra $0 | $397 | 10y 0m | $12,690 |
| Extended (25 year) | $236 | 25y 0m | $35,897 |
Interest Accrual
Your loans accrue $6 in interest per day. That's $187 per month before any payment is applied.
Student Loan Strategies
Pay More Than Minimum
Extra payments go directly to principal, reducing future interest. Even $50-100 extra per month can save thousands and years of payments. Specify that extra payments go to principal.
Income-Driven Repayment
If payments are unaffordable, IDR plans cap payments at 10-20% of discretionary income. Remaining balance is forgiven after 20-25 years (but forgiven amount may be taxable).
Public Service Loan Forgiveness
Work for government or nonprofit? PSLF forgives remaining balance after 120 qualifying payments (10 years). Must be on an IDR plan and have Direct Loans.
Frequently Asked Questions
How much will my student loan payment be?
On a standard 10-year plan, payments depend on balance and rate:
| Balance | Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| $25,000 | 6% | $278 | $8,300 |
| $35,000 | 6.5% | $397 | $12,600 |
| $50,000 | 7% | $581 | $19,700 |
| $100,000 | 7% | $1,161 | $39,400 |
How can I pay off student loans faster?
- Pay extra: Even $50-100/month saves thousands
- Refinance: Lower rate if you have good credit
- Biweekly payments: 26 half-payments = 13 full payments/year
- Windfalls: Apply tax refunds, bonuses to principal
- Side income: Dedicate extra earnings to loans
What is income-driven repayment (IDR)?
IDR plans cap payments at 10-20% of discretionary income:
- SAVE: 10% of income, 20-25 year forgiveness
- PAYE: 10% of income, 20 year forgiveness
- IBR: 10-15% of income, 20-25 year forgiveness
- ICR: 20% of income, 25 year forgiveness
Note: Forgiven amounts may be taxable income.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives remaining balance after 120 payments (10 years) if you:
- Work for government or 501(c)(3) nonprofit
- Have Direct Loans (consolidate if needed)
- Are on an income-driven repayment plan
- Make 120 qualifying payments
Bonus: PSLF forgiveness is tax-free!