Student Loan Calculator
Calculate your monthly student loan payments, total interest, and see how extra payments can help you become debt-free faster. Compare forgiveness options and find your best repayment strategy.
Quick Answer
How long will it take to pay off my student loans?
With $35,000 in student loans at 5% interest and paying $400/month, you'll be debt-free in approximately 8.5 years. Total interest paid would be around $5,600. Paying more each month significantly reduces both payoff time and total interest.
Calculate your exact payment, see your payoff timeline, and discover how extra payments can save you thousands.
Key Takeaways
- Federal vs Private rates: Federal loans (6.53-9.08% APR) often have forgiveness options; private loans (3-14%) may have lower rates but no forgiveness
- Extra payments save thousands: Adding $100/month to a $30,000 loan at 6% saves ~$2,400 in interest and pays off 2.5 years early
- PSLF is valuable: Public Service Loan Forgiveness can erase your remaining balance tax-free after 120 payments (10 years) in qualifying jobs
- Income-driven plans cap payments: SAVE plan limits payments to 5-10% of discretionary income with forgiveness after 20-25 years
- Autopay discount: Most servicers offer 0.25% rate reduction for automatic payments - free savings
Enter your student loan details above, then click Calculate Payoff to see your repayment breakdown.
Save Money with Extra Payments
See how much you can save by paying a little extra each month:
Pay $50 extra/month
Save $0
Pay $100 extra/month
Save $0
Pay double each month
Save $0
Repayment Projections
Loan Balance Over Time
Payment Schedule
Student Loan Comparison
Understanding Student Loans
Types of Student Loans
Federal Loans: Fixed rates, income-driven repayment options, potential forgiveness programs. Rates for 2024-25: 6.53% (undergrad), 8.08% (grad), 9.08% (PLUS).
Private Loans: Variable or fixed rates (3-14%), based on credit score. Fewer repayment options but can refinance for lower rates.
How Extra Payments Help
Extra payments go directly to principal, reducing the balance that accrues interest. Even $50-100 extra per month can save thousands in interest and shorten your payoff time by years.
Pro tip: Make extra payments right after your regular payment to maximize impact.
Repayment Strategies
- Avalanche: Pay highest interest rate first (saves most money)
- Snowball: Pay smallest balance first (psychological wins)
- Income-Driven: Payments based on income (federal loans only)
- Refinancing: Combine loans for lower rate (lose federal benefits)
Tips for Faster Payoff
- Enroll in autopay for 0.25% rate reduction
- Apply tax refunds and bonuses to principal
- Make biweekly half-payments (26 payments/year)
- Keep living like a student for 2-3 years post-graduation
- Consider employer loan repayment assistance programs
Student Loan Forgiveness Programs 2026
Student loan forgiveness can eliminate some or all of your federal student loan debt. Understanding your options is crucial for making informed repayment decisions.
Public Service Loan Forgiveness (PSLF)
PSLF is the most valuable forgiveness program, canceling remaining federal loan balances after 120 qualifying payments (10 years) while working for an eligible employer.
Qualifying Employers
Government agencies (federal, state, local, tribal), 501(c)(3) nonprofits, AmeriCorps, Peace Corps
Requirements
Direct Loans only, income-driven repayment plan, full-time employment (30+ hrs/week), 120 qualifying payments
Income-Driven Repayment (IDR) Forgiveness
IDR plans cap monthly payments at a percentage of discretionary income and forgive remaining balances after 20-25 years of payments.
SAVE Plan (Newest)
5% of discretionary income (undergrad) / 10% (grad). Forgiveness after 20-25 years. Best for most borrowers.
IBR / PAYE / ICR
10-20% of discretionary income. Various forgiveness timelines. Check eligibility based on when you borrowed.
IDR forgiveness may be taxable as income. However, the American Rescue Plan Act makes student loan forgiveness tax-free through December 31, 2025. PSLF forgiveness is always tax-free.
Frequently Asked Questions
Monthly student loan payments are calculated using the amortization formula: M = P x [r(1+r)^n] / [(1+r)^n-1], where M is monthly payment, P is loan balance, r is monthly interest rate (APR / 12 / 100), and n is number of payments (years x 12). Our calculator does this automatically.
Extra payments can dramatically reduce both interest paid and payoff time. For example, on a $30,000 loan at 6% over 10 years, paying an extra $100/month saves approximately $2,400 in interest and reduces the payoff time by 2.5 years.
Federal student loan rates for 2024-2025 are 6.53% for undergraduate loans, 8.08% for graduate loans, and 9.08% for PLUS loans. Private student loan rates vary from 3% to 14% based on creditworthiness and lender.
Consider these priorities: (1) Pay off high-interest debt first (credit cards); (2) Build emergency fund; (3) Get full employer 401(k) match; (4) Then decide between extra loan payments vs investing. If your loan rate is below expected market returns (~7%), investing may be better mathematically - but being debt-free has psychological value too.
Forgiveness programs cancel federal student loan debt. PSLF forgives remaining balance after 120 payments (10 years) in government/nonprofit jobs - tax-free. IDR forgiveness happens after 20-25 years on income-driven plans. Teacher Loan Forgiveness offers up to $17,500 after 5 years in low-income schools. Private loans are not eligible for federal forgiveness.
Related Guides
Related Calculators
Loan Calculator
General purpose loan payment calculator with amortization schedule.
Personal Loan Calculator
Calculate personal loan payments with origination fees and credit score impact.
Debt Payoff Calculator
Compare snowball vs avalanche strategies to become debt-free faster.
Savings Calculator
Calculate savings growth with regular deposits and compound interest.
Last updated: