Student Loan Calculator & Repayment Strategist
Calculate your monthly student loan payment, total interest and payoff date — then compare standard amortization, accelerated payoff with extra payments, and federal Income-Based Repayment (IBR) with PSLF. For US federal and private loans; UK PAYE deductions use a different formula — use the UK student loan repayment calculator.
Strategy Comparative Analysis
Amortization Engine- Payoff Horizon:
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- Total Interest:
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- Total Outlay:
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Fixed level payment. Qualifies for PSLF on federal Direct Loans.
- Payoff Horizon:
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- Total Interest:
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- Net Interest Saved:
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- Monthly Obligation:
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- Forgiven Balance:
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- Unpaid Interest:
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Payment = 10% of income above 150% of the poverty guideline, capped at the standard payment.
Debt Trajectory Projection
Remaining balance over time
Public Service Loan Forgiveness (PSLF) Tracker
120 qualifying monthly payments while working full-time for a government or qualifying non-profit employer
Repayment Amortization Ledger
Annual breakdown of payments, interest and principal reduction.
| Calendar Year | Starting Principal | Annual Payments | Principal Paid | Interest Paid | Unpaid Interest | Ending Balance |
|---|
Methodology & Federal Computational Rules
Federal student loans follow rules set by the Higher Education Act and Department of Education regulations — for daily interest, capitalization and forgiveness — that differ from credit cards and mortgages.
Simple Daily Interest Accrual
Federal loans accrue simple interest daily rather than compounding:
Daily Interest = Principal ×
(Interest Rate ÷ 365.25)Payments go first to any fees, then to accrued interest, then to principal. This calculator uses the monthly equivalent (rate ÷ 12), which gives near-identical results.
Interest Capitalization Safeguards
Since July 2023, unpaid interest no longer capitalizes (is added to principal) in most situations, such as entering repayment or leaving forbearance.
It still capitalizes where the law requires it — for example when you leave IBR, or at the end of a deferment on unsubsidized loans. The IBR projection here keeps unpaid interest separate and does not capitalize it.
PSLF & Federal Forgiveness Rules
PSLF forgives the remaining Direct Loan balance tax-free (IRC §108(f)(1)) after 120 qualifying payments under a qualifying plan while working full-time for a government or qualifying non-profit employer.
IBR forgiveness after 20 years (25 for pre-July 2014 borrowers) is a separate route. The federal tax exclusion for IDR forgiveness covered discharges through 2025, so later discharges may be taxable income. Repayment plans are changing — check StudentAid.gov and our SAVE deadline guide.
Standard vs. extended repayment
A standard 10-year term keeps total interest lower but means higher monthly payments. Extended or income-driven repayment plans lower the monthly amount but increase total interest paid over time. For a deeper look at repayment strategies, see our student loan guide, or use the general Loan Calculator to compare against other fixed-rate loans.
By Suhaib Hassan · Formula verified 27 Sep 2026 · How CalculatePilot verifies formulas →
Federal vs. private student loans
Federal student loans generally offer more flexible repayment options — including income-driven plans, deferment, and forgiveness programs in some cases — while private loans typically have fewer built-in protections but sometimes offer lower rates for borrowers with strong credit.
The IBR estimate here holds your income and household size constant and uses the 10%-of-discretionary-income formula for borrowers since July 2014. Real IBR payments are recalculated every year from your latest income, so treat it as a planning estimate. UK student loans are income-contingent as the default, not as an optional plan: they take 9% (or 6% postgraduate) of income above a published threshold. Do not switch this page to pounds and treat it as a UK quote — open the UK student loan repayment calculator instead.
A worked example
A $25,000 loan at 5% over 10 years: the monthly payment is about $265, with total interest of roughly $6,820 over the loan's life, for total repayment of about $31,820.
Extending to a 20-year term instead lowers the monthly payment to about $165, but total interest roughly doubles to $14,600 — illustrating the standard trade-off between lower monthly payments and higher lifetime cost.
Frequently asked questions
Does this model income-driven repayment plans?
Yes, in simplified form: it estimates Income-Based Repayment (IBR) at 10% of income above 150% of the poverty guideline, capped at the standard 10-year payment, holding your income constant. Real IDR payments are recalculated every year, so your actual payment and total cost can differ.
Should I pay off student loans early?
This depends on your interest rate relative to other financial priorities — paying extra toward high-rate loans generally makes sense, though some borrowers prioritize building emergency savings or capturing employer retirement matches first.
What is loan forgiveness and am I eligible?
Various federal forgiveness programs exist for specific careers (like public service) or after extended income-driven repayment — eligibility rules are specific and change periodically, so check current federal guidance directly.
What's the difference between federal and private student loans?
Federal loans typically offer more borrower protections, flexible repayment plans, and potential forgiveness programs, while private loans are based on creditworthiness and generally offer less flexibility but sometimes lower rates for well-qualified borrowers.
How do I calculate my student loan monthly payment?
Use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate (annual rate ÷ 12), and n is number of payments. Enter your loan details above for an instant result.
What is the average student loan monthly payment?
The average monthly student loan payment for a 10-year standard repayment plan on a $30,000 federal student loan at 6.5% is approximately $340/month. Use this calculator to find your specific payment.
How much is a $50,000 student loan monthly payment?
A $50,000 student loan at 6.5% over 10 years has a monthly payment of approximately $567/month, with total interest of about $18,000 over the life of the loan.
What will my student loan monthly payment be?
Your monthly student loan payment depends on three things: the loan amount, interest rate, and repayment term. For example, a $30,000 loan at 6.5% over 10 years has a monthly payment of about $340. Use this calculator to enter your specific figures and get an exact amount.
How do I estimate my student loan payments before taking out a loan?
Enter the expected loan amount, the interest rate offered, and your preferred repayment term (10 years is standard for federal loans). This calculator shows your monthly payment, total interest paid, and total cost — so you can compare different loan amounts before committing.
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