How to Use
Enter your total student loan balance - include all federal and private loans you want to model.
Input the weighted average interest rate across your loans, or model each loan separately for precision.
Choose a repayment term: 10 years for the Standard plan, or 20–25 years if modeling income-driven repayment.
Instantly view your monthly payment and total interest paid over the full repayment term.
Compare the 10-year standard plan to a 20-year IDR plan to see the trade-off between payment size and total interest.
Factor in potential forgiveness if you work in public service - PSLF cancels remaining balances after 10 years of qualifying payments.
What Is This Tool?
A student loan calculator helps borrowers estimate their monthly payment and total repayment cost based on loan balance, interest rate, and repayment term. Federal student loans come in two types: subsidized loans, where the government covers interest while you are enrolled at least half-time, and unsubsidized loans, which accrue interest from disbursement - even during school. Most federal loans default to a Standard 10-year repayment plan, but income-driven repayment (IDR) plans like SAVE, IBR, and PAYE cap monthly payments at a percentage of discretionary income and extend the term to 20–25 years. Forgiveness programs - including Public Service Loan Forgiveness (PSLF) - can cancel remaining balances after 10 years of qualifying payments for eligible borrowers in public or nonprofit roles.
Why It Matters
The difference between repayment plans is substantial. A $35,000 loan at 5.5% repaid over 10 years costs about $9,900 in interest. The same loan on a 25-year income-driven plan costs over $30,000 in interest - but if you qualify for PSLF, the forgiven balance may make the IDR plan the better financial decision. Understanding the true cost of each path before committing is essential. Switching plans later is possible, but interest already accrued does not disappear, and time spent in the wrong plan may not count toward forgiveness.