Free Student Loan Calculator - Estimate Your Monthly Payment & Payoff Date

How to Use This Student Loan Calculator

Enter your total student loan balance, your annual interest rate, and your repayment term. You can also add an extra monthly payment to instantly see how much time and interest you save by paying more than the minimum. The calculator shows your monthly payment, total interest paid, and exact payoff date.

Average Student Loan Debt in 2025

Student loan debt is one of the biggest financial burdens facing Americans today. The average federal student loan borrower carries around $37,000 in debt. Graduate and professional school borrowers often carry significantly more — medical school graduates average over $200,000 in student loan debt.

Understanding your repayment options and total cost is essential before choosing a plan.

Federal Student Loan Interest Rates (2025)

Federal student loan rates are set by Congress each year and vary by loan type:

| Loan Type | 2024–2025 Rate |

|---|---|

| Direct Subsidized (Undergrad) | 6.53% |

| Direct Unsubsidized (Undergrad) | 6.53% |

| Direct Unsubsidized (Graduate) | 8.08% |

| Direct PLUS Loans | 9.08% |

Private student loan rates vary based on your credit score and lender — typically ranging from 4% to 16% as of 2025.

Federal Repayment Plans Explained

Federal loans come with several repayment plan options:

Standard Repayment Plan — Fixed payments over 10 years. This is the default plan and results in the least total interest paid.

Graduated Repayment Plan — Payments start lower and increase every two years over 10 years. Good if you expect your income to grow.

Extended Repayment Plan — Stretches payments over up to 25 years, lowering your monthly payment but significantly increasing total interest paid.

Income-Driven Repayment (IDR) Plans — Payments are capped at a percentage of your discretionary income (typically 5–20%) with forgiveness after 20–25 years. Includes plans like SAVE, PAYE, IBR, and ICR.

Public Service Loan Forgiveness (PSLF) — Forgiveness after 10 years of payments while working for a qualifying government or nonprofit employer.

How Much Does Loan Term Affect Total Cost?

Choosing a longer repayment term lowers your monthly payment but dramatically increases total interest paid. On a $35,000 loan at 6.5%:

| Term | Monthly Payment | Total Interest | Total Paid |

|---|---|---|---|

| 5 years | $685 | $6,089 | $41,089 |

| 10 years | $397 | $12,635 | $47,635 |

| 20 years | $261 | $27,688 | $62,688 |

| 25 years | $237 | $36,065 | $71,065 |

Going from a 10-year to a 25-year plan cuts your payment by $160 per month but costs you an extra $23,430 in interest.

The Power of Extra Payments

Even a small extra payment each month can save thousands of dollars and years of repayment time. On a $35,000 loan at 6.5% on the standard 10-year plan:

- Paying an extra $50/month saves ~$1,800 in interest and pays off 11 months early

- Paying an extra $100/month saves ~$3,200 in interest and pays off 20 months early

- Paying an extra $200/month saves ~$5,400 in interest and pays off 33 months early

Use the extra payment field above to see your exact savings.

Should I Refinance My Student Loans?

Refinancing means taking out a new private loan to pay off your existing loans — ideally at a lower interest rate. It can save significant money if you qualify for a lower rate.

Refinancing makes sense if:

- You have a stable income and good credit (typically 700+)

- Your current interest rate is above 6–7%

- You do not plan to use federal benefits like income-driven repayment or PSLF

Do NOT refinance federal loans if:

- You work in public service and plan to pursue PSLF

- Your income is variable and you may need income-driven repayment

- You might need federal forbearance or deferment options in the future

Refinancing federal loans into private loans permanently removes access to all federal protections and benefits.

Frequently Asked Questions

What is the difference between subsidized and unsubsidized loans?

With subsidized loans the government pays the interest while you are in school at least half time and during deferment periods. With unsubsidized loans interest accrues immediately from disbursement — even while you are still in school — which means your balance can grow before you even graduate.

What happens if I miss a student loan payment?

Federal loans become delinquent after one missed payment and go into default after 270 days of non-payment. Default triggers serious consequences including credit damage, wage garnishment, and loss of eligibility for federal financial aid. Contact your servicer immediately if you are struggling — income-driven repayment or deferment options are available.

Can student loans be forgiven?

Yes in certain circumstances. Public Service Loan Forgiveness forgives remaining balances after 10 years of qualifying payments. Income-driven repayment plans offer forgiveness after 20–25 years. Various profession-specific programs exist for teachers, nurses, and others. Private student loans generally cannot be forgiven.

Should I pay off student loans or invest?

If your student loan interest rate is above 7–8% prioritize paying them off aggressively. If your rate is below 6% and you have no high-interest debt it often makes mathematical sense to invest the difference in a diversified index fund that historically returns around 7–10% annually.

What is capitalized interest?

Capitalized interest is unpaid interest that gets added to your principal loan balance. This happens when you graduate, leave school, or exit a deferment or forbearance period. Once capitalized you start paying interest on top of interest — making it important to pay interest during school if possible.

Estimates only. Actual student loan payments depend on your specific loan type, servicer, and repayment plan. Federal loan rates and program details may change. This calculator is for informational purposes only and does not constitute financial advice.

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Simple financial calculators for loans and budgeting.

Estimates only. Actual payments may vary by lender.