Student Loan Calculator
Calculate student loan payments, compare repayment plans, and explore forgiveness options
The Student Loan Calculator helps you understand your federal and private student loan payments. Compare different repayment plans, see the impact of income-driven options, and calculate potential savings from loan forgiveness programs.
Loan Details
Forgiveness Options
Quick Scenarios
Payment Analysis
Enter loan details to calculate payment information
How Student Loan Repayment Works
Federal Loan Repayment Plans
Income-Driven Plans
Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF)
Forgives remaining federal loan balance after 120 qualifying payments while working full-time for qualifying employers.
- Must be on income-driven repayment plan
- Work for government or qualifying non-profit
- Make 120 qualifying payments (10 years)
- Apply for forgiveness after meeting requirements
Teacher Loan Forgiveness
Forgives up to $17,500 in federal loans for teachers in low-income schools.
- Teach 5 consecutive years in qualifying school
- Up to $5,000 for most teachers
- Up to $17,500 for math, science, special education
- Cannot combine with PSLF for same period
Example: $50,000 Federal Student Loans
Graduate with $50,000 in federal loans at 5.5% interest
| Repayment Plan | Monthly Payment | Total Interest | Payoff Time |
|---|---|---|---|
| Standard (10 years) | $542 | $15,037 | 10 years |
| Extended (25 years) | $306 | $41,729 | 25 years |
| IBR ($40K income) | $218 | $27,156 | 20 years* |
| PAYE ($40K income) | $218 | $22,156 | 20 years* |
Frequently Asked Questions
Should I choose an income-driven repayment plan?
Income-driven plans can lower monthly payments but may increase total interest paid. They're best if you have high debt relative to income, work in public service (for PSLF), or expect income to grow significantly.
What's the difference between subsidized and unsubsidized loans?
Subsidized loans don't accrue interest while you're in school at least half-time, during grace periods, and deferment. Unsubsidized loans accrue interest from the time they're disbursed.
Can I pay off student loans early?
Yes, federal and most private student loans have no prepayment penalties. Extra payments go toward principal, reducing total interest paid. However, consider other financial goals and higher-interest debt first.