Student Loan Calculator
Calculate your monthly student loan payment and total cost over the life of the loan.
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.
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.
This calculator models a standard fixed monthly payment. If you're on an income-driven federal repayment plan, your actual monthly payment and total cost may differ significantly from this estimate, since those plans adjust payments based on income rather than a fixed amortization schedule.
A worked example
A $25,000 loan at 5% over 10 years: the monthly payment is about $265, with total interest of roughly $6,825 over the loan's life, for total repayment of about $31,825.
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.
Federal vs. private student loans
Federal student loans generally offer more flexible repayment options, including income-driven repayment plans and certain forgiveness programs, while private loans are underwritten more like standard consumer loans with terms set by the lender based on creditworthiness.
This calculator models a standard fixed monthly payment, which is representative of federal standard repayment or most private loan structures — actual federal income-driven plans can result in a different (often lower initial, but longer-term) payment structure.
Frequently asked questions
Does this model income-driven repayment plans?
No — this calculates a standard fixed monthly payment. Income-driven plans adjust payments based on income and can result in a different total cost.
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.