How to Use This Student Loan Calculator
Enter your total loan balance — the combined outstanding principal across all your student loans — and your average interest rate. If you hold multiple loans at different rates, calculate the weighted average by multiplying each loan's balance by its rate, summing those products, and dividing by your total balance. Select your loan type (federal or private) and choose a repayment plan. The results update instantly and the comparison table below the calculator shows all four plans side by side so you can evaluate your options at a glance.
Federal vs. Private Student Loans — Key Differences
Federal student loans come with protections that private loans do not: income-driven repayment plans, Public Service Loan Forgiveness eligibility, deferment and forbearance options, and fixed interest rates set annually by Congress. Private student loans typically require a creditworthy borrower or co-signer, may have variable rates, and do not qualify for federal repayment or forgiveness programs. If you have a mix of both, prioritize paying down private loans aggressively since they carry fewer consumer protections and often higher rates.
Understanding the Four Main Repayment Plans
Standard Repayment divides your balance into 120 equal monthly payments over 10 years — the plan that minimizes total interest paid. Graduated Repayment starts with lower payments that increase every two years, designed for borrowers who expect significant income growth early in their careers. Extended Repayment stretches payments over 25 years, dramatically lowering the monthly amount but roughly doubling total interest paid. Income-Driven Repayment plans (IBR, PAYE, SAVE) cap payments at a percentage of discretionary income and may offer forgiveness after 10–20 years of qualifying payments — this calculator lets you model any custom payment amount to see its payoff timeline.
How Extra Payments Can Save You Thousands in Interest
Student loan interest accrues daily on your outstanding principal. Every extra dollar you pay reduces that principal immediately, which means less interest accrues from that day forward — the savings compound over time. On a $35,000 loan at 6.5% interest, adding just $100/month to your standard payment saves approximately $5,200 in interest and shortens repayment by 28 months. Adding $250/month saves over $9,800 in interest and eliminates nearly 4 years of payments. Use the Extra Monthly Payment field in the calculator to see your specific savings.
Student Loan Forgiveness — What to Know
Public Service Loan Forgiveness (PSLF) discharges the remaining federal loan balance after 10 years of qualifying payments while working for a government or non-profit employer. Income-driven repayment plans offer forgiveness after 20–25 years of payments for non-PSLF borrowers, though any forgiven amount may be taxable. Teacher Loan Forgiveness provides up to $17,500 for eligible teachers in low-income schools after 5 years. Forgiveness programs apply only to federal Direct Loans — private loans are not eligible. If PSLF or IDR forgiveness is part of your plan, consult your loan servicer before choosing a repayment plan, since some plans (like the standard 10-year) do not leave a balance to forgive.
Should You Refinance Your Student Loans?
Refinancing replaces your existing loans with a new private loan at a lower interest rate. This can save significant interest — especially if your credit score has improved since you originally borrowed. However, refinancing federal loans into a private loan permanently forfeits federal protections: no income-driven repayment, no PSLF eligibility, no federal deferment or forbearance. Refinancing makes the most sense for borrowers with stable income, strong credit, no intention of pursuing PSLF, and loan balances that can be repaid within 5–10 years before rates fluctuate significantly. Always model the total interest cost before refinancing — the monthly savings may look appealing but a longer term can increase total cost.
When to Contact Your Loan Servicer
Your loan servicer manages billing and repayment and is the correct first contact for any questions about plan changes, deferment, or income verification. Contact your servicer if your income has dropped significantly, you're struggling to make payments, you want to switch repayment plans, you think you qualify for PSLF, or your payoff timeline doesn't match your records. You can find your federal loan servicer and balances at studentaid.gov. For private loans, the servicer is identified on your monthly statement or in your original loan documents.
This calculator is for educational purposes only and does not constitute financial advice. Student loan terms and repayment plan eligibility vary. Always consult your loan servicer or a qualified financial advisor.
