Student Loan Calculator
Calculate your student loan payment and see how different repayment strategies affect your total cost. Enter your loan balance, interest rate, and term to explore standard and accelerated payoff options.
Student loan debt is one of the largest financial obligations for many Americans, with average balances around $30,000-$40,000 for bachelor's degree graduates. Understanding your repayment options is crucial for managing this debt effectively.
The standard federal repayment plan is 10 years with fixed monthly payments. Extended plans stretch payments to 20-25 years, lowering monthly amounts but dramatically increasing total interest. Income-driven plans cap payments at a percentage of discretionary income and offer forgiveness after 20-25 years.
Making extra payments can save thousands in interest. On a $35,000 loan at 5.5% over 10 years, paying just $100 extra per month saves about $2,800 in interest and pays off the loan 2.5 years early. There is no prepayment penalty on federal student loans, and extra payments are applied first to accrued interest and then to principal.