Student Loan Calculator
Calculate student loan payments, explore federal repayment plans, and get AI-powered advice for loan optimization and forgiveness program analysis.
Student Loan Calculator
Calculate payments for federal and private student loans with various repayment options
Interest Rates (2024-25)
Borrowing Limits
Repayment Options
Federal Student Loan Guide (2024-25)
Current Rates
Fixed rates for loans disbursed July 1, 2024 - June 30, 2025
Repayment Plans
- Standard: 10 years, fixed payments
- Graduated: 10 years, increasing payments
- Extended: 25 years, lower payments
- Income-Driven: 20-25 years, based on income
Income-driven plans offer loan forgiveness after 20-25 years
Forgiveness Programs
- PSLF: 10 years public service
- Teacher: $5K-$17.5K after 5 years
- IDR: Forgiveness after 20-25 years
- State Programs: Varies by profession
Federal loans only - private loans not eligible
Student Loan Repayment Strategies
✅ Smart Strategies
- •Apply for income-driven repayment if payments exceed 10% of income
- •Set up autopay for 0.25% interest rate reduction on federal loans
- •Pay interest during school to prevent capitalization
- •Research Public Service Loan Forgiveness if working in eligible job
- •Make extra payments to principal to reduce total interest
⚠️ Avoid These Mistakes
- •Don't ignore loans during grace period - interest may be accruing
- •Avoid private refinancing if you need federal protections
- •Don't choose extended repayment without considering total cost
- •Avoid default at all costs - contact servicer for hardship options
- •Don't assume forgiveness is guaranteed - track qualifying payments
Income-Driven Repayment Plans Comparison
| Plan | Payment Calculation | Forgiveness | Best For |
|---|---|---|---|
| IBR | 15% of discretionary income | 25 years (new borrowers: 20 years) | High debt relative to income |
| PAYE | 10% of discretionary income | 20 years | Partial financial hardship |
| REPAYE | 10% of discretionary income | 20 years (undergrad), 25 years (grad) | All borrowers, interest subsidy |
| ICR | 20% of discretionary income | 25 years | Parent PLUS borrowers |
Note: Discretionary income = Adjusted Gross Income - 150% of poverty guideline for your family size and state. Payment calculations are estimates - actual payments determined by loan servicer.
Student Loan Calculator FAQ
How are federal student loan payments calculated?
Federal student loan payments use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. Federal loans offer multiple repayment plans including income-driven options.
What are the current federal student loan interest rates?
2024-25 federal student loan rates are: 5.50% for undergraduate Direct Loans, 7.05% for graduate Direct Loans, and 8.05% for PLUS loans (parent and graduate). These are fixed rates set annually by Congress based on the 10-year Treasury note auction in May.
Should I choose income-driven repayment?
Choose income-driven repayment if standard payments exceed 10-15% of your gross income. IDR plans base payments on income and family size, offer loan forgiveness after 20-25 years, and provide payment relief during unemployment or financial hardship. They also qualify for PSLF.
Can I get student loan forgiveness?
Federal loans offer several forgiveness options: Public Service Loan Forgiveness (PSLF) after 10 years of qualifying payments while working for eligible employers, Teacher Loan Forgiveness ($5,000-17,500) after 5 years teaching in low-income schools, and IDR forgiveness after 20-25 years. Private loans generally do not offer forgiveness programs.
Should I refinance my federal student loans?
Refinancing federal loans with private lenders can lower interest rates but eliminates federal protections including income-driven repayment, forbearance, deferment, and forgiveness programs. Only consider refinancing if you have stable income, good credit, don't need federal protections, and can get significantly lower rates.
Important Disclaimer
This calculator provides estimates based on standard loan terms. Actual payments may vary based on:
- • Specific loan servicer calculations and policies
- • Income verification for income-driven plans
- • Changes to federal student loan programs and rates
- • Individual loan terms and conditions
Always consult with your loan servicer for official payment amounts and repayment options.