Federal & private loan data
Interest rates, repayment plans, and forgiveness projections reference Department of Education, FSA, and private lender benchmarks.
Updated annually after federal rate announcements and quarterly for private benchmarks.
Student Loan Calculator
Pair tuition, living costs, and grace-period choices to build a repayment plan that fits your career path.
Compliance & privacy checklist
Inputs stay in your browser. Projections are educational and not a substitute for official FSA or lender disclosures.
4-step student loan workflow
Inventory every loan, simulate repayment plans, optimize cash flow, and hand off to automation.
1. Inventory balances & protections
List servicers, interest rates, grace periods, and forgiveness eligibility before making changes.
2. Choose the right plan
Compare standard versus income-driven payments and log qualifying months toward forgiveness.
3. Optimize cash flow
Model extra payments, refinancing scenarios, and annual salary growth to stay ahead of interest.
4. Handoff to savings & AI tools
Sync the payment schedule with the savings goal and AI calculators for reminders and advice.
Student loan calculator
Estimate payments across federal and private loans with multiple repayment plans.
Loan details
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Federal loan limits: $57,500 undergraduate, $138,500 graduate
2024 federal rates: 5.50% undergraduate, 7.05% graduate
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Federal student loan snapshot (2024)
Worked example: Graduate with $45,000 in federal loans
A real-world scenario showing how income-driven repayment and loan forgiveness programs can reduce total payments.
Scenario inputs
- Borrower profile
- Recent graduate, single, no dependents
- Total loan balance
- $45,000 (mix of subsidized and unsubsidized)
- Interest rates
- 4.99% - 6.54% (Federal Direct Loan rates)
- Repayment plan
- SAVE plan with $55,000 starting salary
- Income growth
- 3% annual raises projected
- Repayment timeline
- Pay off within 10 years while qualifying for PSLF
- Financial goals
- Minimize total interest while keeping monthly payments manageable
Planner takeaways
- •Starting payment: $167/month under SAVE plan vs $458 under standard.
- •Total paid: ~$28,000 vs ~$57,000 under standard plan.
- •PSLF eligible: remaining balance forgiven tax-free after 10 years.
- •Best approach: Maximize employer matching + make minimum payments during IDR.
Based on federal student loan data and Department of Education income-driven repayment calculators. Rates as of Q4 2024.
How borrowers use this planner
Real repayment routes that connect savings and AI tools.
Undergrad payoff + savings cushion
Recent grad with $32k in federal loans and a five-year target.
- •Timeline: Target payoff in 60 months with one six-month deferment buffer.
- •Plan: Stack auto-pay discounts, send tax refunds to principal, and build a $5k rainy-day fund.
- •Result: Savings Goal calculator locks the emergency fund while this page tracks amortization.
PSLF readiness for nonprofit pro
Public health worker documenting 120 qualifying payments.
- •Timeline: 36 qualifying months logged, 84 to go with annual certifications.
- •Plan: Switch to SAVE, recertify income, and capture employer paperwork inside the planner.
- •Result: AI calculator drafts reminders and policy updates while this tool audits payments.
Student loan data stack
Datasets backing interest rates, repayment plans, and forgiveness estimates.
Federal Student Aid (FSA)
Federal loan rates, repayment plan details, and forgiveness program rules.
CFPB Complaint Database
Student loan servicer complaints and resolutions
Treasury Department Data
Public Service Loan Forgiveness program data
Cadence: Federal rates annually, private benchmarks quarterly.
Federal student loan guide
Current Federal Loan Rates (2024-25)
Undergraduate Direct Loans:Subsidized & unsubsidized 5.50% APR
Graduate Direct Loans:7.05% APR
PLUS Loans:8.05% APR for parents & graduate borrowers
Rates are fixed for the life of the loan and reset annually based on the 10-year Treasury auction.
Federal Repayment Plans
- Standard Repayment Fixed payments over 10 years with the lowest total interest
- Graduated Repayment Payments start low and increase every two years over 10 years
- Extended Repayment Lower payments stretched over 25 years for balances above $30,000
- Income-Driven Repayment (IDR) Payments based on income and family size with forgiveness after 20-25 years
Income-driven plans include PAYE, SAVE (formerly REPAYE), IBR, and ICR.
Forgiveness programs
- PSLF: Public service forgiveness after 10 qualifying years
- Teacher loan forgiveness: $5,000–$17,500 after 5 qualifying years
- IDR forgiveness: Forgiveness after 20-25 years of IDR payments
- State programs: Vary by occupation and location
Federal loans only—private loans are not eligible.
Student loan repayment strategies
✅ Smart moves
- •Apply for income-driven repayment when payments exceed 10% of gross income.
- •Enroll in auto-debit for a 0.25% federal interest rate discount.
- •Pay interest while in school to avoid capitalization.
- •If eligible, pursue Public Service Loan Forgiveness.
- •Make extra principal payments to cut total interest.
⚠️ Mistakes to avoid
- •Do not ignore loans during grace periods—interest may accrue.
- •Avoid refinancing federal loans if you need federal protections.
- •Do not choose extended plans without reviewing lifetime cost.
- •Contact your servicer before missing payments to avoid default.
- •Track qualifying payments—forgiveness is not automatic.
Income-driven repayment comparison
| Plan | Payment calculation | Forgiveness | Best for |
|---|---|---|---|
| IBR | 15% of discretionary income | 25 years (20 years for new borrowers) | High debt-to-income ratios |
| PAYE | 10% of discretionary income | 20 years | Partial financial hardship |
| SAVE (formerly REPAYE) | 10% of discretionary income | 20 years (undergrad), 25 years (graduate) | Most borrowers; offers interest subsidies |
| ICR | 20% of discretionary income | 25 years | Parent PLUS borrowers via Direct consolidation |
Discretionary income = Adjusted gross income − 150% of the poverty guideline (family size & state). Payments shown are estimates; your servicer calculates the official amount.
Student loan FAQs
How are federal student loan payments calculated?
Standard plans use amortization: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r monthly rate, and n payments. Federal loans also offer income-driven options.
What are current federal student loan rates?
For 2024-25: undergraduate Direct Loans 5.50%, graduate Direct Loans 7.05%, PLUS Loans 8.05%. Rates reset annually based on the May 10-year Treasury auction.
Should I choose an income-driven plan?
If standard payments exceed 10-15% of your income, IDR can cap payments based on earnings, provide hardship flexibility, and lead to forgiveness after 20-25 years. They also count toward PSLF.
Can I qualify for loan forgiveness?
Federal borrowers may qualify through PSLF (10 years of eligible payments in qualifying employment), Teacher Loan Forgiveness ($5k-$17.5k after five years), or IDR forgiveness after 20-25 years. Private loans rarely offer forgiveness.
Should I refinance my federal student loans?
Refinancing with a private lender can reduce rates but waives federal benefits like IDR, forbearance, and forgiveness programs. Refinance only if you have stable income, strong credit, and no need for federal protections.
Connect payments with savings & AI guidance
Export the repayment schedule to the savings and AI calculators to coordinate cash flow, alerts, and what-if analysis.
Important student loan disclaimer
Examples are educational only and not official repayment guidance.
- ⚠️Projections combine your inputs with public data. Verify all figures with your servicer or FSA before making changes.
- ⚠️Federal programs, rates, and forgiveness rules can change. Re-run calculations after policy updates.
- ⚠️FutureValueCalc is not affiliated with the Department of Education. Consult a financial advisor for personalized guidance.