How to use this calculator
Enter your total loan balance, interest rate, and repayment term to see your monthly payment, total interest, and payoff date. Use the term presets to quickly switch between standard 10-year and extended repayment options.
Add an extra monthly payment amount to see how much interest you can save and how quickly you can pay off your loans. The comparison table shows three repayment scenarios side by side so you can make an informed decision.
Understanding your repayment options
| Plan Type | Term | Best For |
|---|---|---|
| Standard | 10 years | Lowest total cost, highest monthly payment |
| Graduated | 10 years | Payments start low and increase every 2 years |
| Extended (Fixed) | Up to 25 years | Lower monthly payments, higher total interest |
| Income-Driven (IDR) | 20 to 25 years | Payments based on income; remaining balance forgiven |
| Accelerated | Varies | Extra payments reduce term and total interest |
Frequently asked questions
How is my monthly student loan payment calculated?
Monthly student loan payments use the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal balance, r is the monthly interest rate, and n is the total number of payments. For a $35,000 loan at 5.5% over 10 years, this results in a monthly payment of about $380.
What is the standard repayment plan for federal student loans?
The Standard Repayment Plan has fixed monthly payments over a 10-year term. It results in the least total interest paid but has higher monthly payments. Borrowers are automatically enrolled in this plan unless they choose a different option.
How much can I save by making extra payments?
Extra payments can save significant money in interest and shorten your repayment timeline. Adding $100 per month to a $35,000 loan at 5.5% on a 10-year plan can save over $2,000 in interest and pay off the loan about 2 years early. Use the extra payment feature above to see your specific savings.
Should I choose a longer repayment term?
A longer term lowers your monthly payment but significantly increases total interest. For a $35,000 loan at 5.5%, extending from 10 to 20 years drops the monthly payment by about $140 but adds roughly $12,000 in interest. Choose a longer term only if the standard payment strains your budget.
What is the difference between federal and private student loans?
Federal loans are issued by the government with fixed rates, income-driven repayment options, deferment, forbearance, and forgiveness programs like PSLF. Private loans from banks may have variable or fixed rates but generally lack flexible repayment options and do not qualify for federal forgiveness.