Plan Your Student Loan Repayment
Student loans follow you for decades. This calculator shows your exact monthly payment, total interest, and payoff timeline - based on loan amount, interest rate, and term. Compare repayment plans and see how extra payments shorten the loan.
What This Calculator Does
Enter your total student loan balance, average interest rate, and repayment term. The calculator returns your monthly payment, total interest paid, and total cost. It also shows how much you save by paying extra each month.
Student Loan Repayment Plans (2026)
| Plan | Monthly Payment | Term | Best For |
|---|---|---|---|
| Standard | Fixed | 10 years | Most borrowers |
| Graduated | Starts low, rises | 10 years | Rising income |
| Extended | Lower | 25 years | Balances over $30k |
| Income-Based (IBR) | 10-15% of discretionary income | 20-25 years | Low income vs debt |
| Income-Contingent (ICR) | 20% of discretionary income | 20-25 years | Parent PLUS loans |
| SAVE Plan | 5-10% of discretionary income | 20-25 years | Undergrad loans |
The Student Loan Formula
Same amortization formula as any installment loan. Difference: student loans typically have 10-year standard terms and may have income-driven options.
Worked Example: $40,000 at 6.5%
- Balance: $40,000
- Rate: 6.5%
- Term: 10 years (120 payments)
- Monthly payment: $454
- Total interest: $14,480
- Total cost: $54,480
How to Pay Off Student Loans Faster
- Pay extra each month - even $50 saves thousands
- Make bi-weekly payments instead of monthly
- Refinance to a lower rate (if you have good credit)
- Apply windfalls (tax refunds, bonuses) to principal
- Use the debt snowball or avalanche method for multiple loans
- Enroll in income-driven repayment if your payment exceeds 10% of income
Federal vs Private Student Loans
| Feature | Federal | Private |
|---|---|---|
| Interest rate | Fixed by Congress | Credit-based |
| Income-driven plans | Yes | No |
| Forgiveness | PSLF, IDR | Rare |
| Deferment | Generous | Limited |
| Refinancing | Possible | Possible |
Frequently Asked Questions
What is a good student loan interest rate?
Federal undergraduate loans: 4-5%. Federal graduate: 6-7%. Private: 3-12% depending on credit. Anything below 5% is competitive in 2026.
How long does it take to pay off student loans?
Standard plan: 10 years. Extended plan: 25 years. Income-driven: 20-25 years. Actual payoff depends on your payment habits.
Should I refinance my student loans?
Only if you have stable income, good credit, and federal loans at high rates. Refinancing federal loans into private loses income-driven and forgiveness options.
Can student loans be forgiven?
Yes - Public Service Loan Forgiveness (PSLF) after 10 years of qualifying employment. Income-driven repayment forgives balances after 20-25 years.
What happens if I cannot pay?
Contact your servicer immediately. Options include deferment, forbearance, and income-driven plans that can reduce payments to $0.
Does student loan debt affect buying a home?
Yes. Lenders count monthly payments in your debt-to-income ratio. High student loan payments reduce how much mortgage you qualify for.