Student Loan Calculator
Calculate monthly payments, total interest, and repayment options for your student loans
Loan Details
How to Use This Student Loan Calculator
Enter Your Total Loan Amount
Input the total amount of your student loans. This includes all federal and private loans you'll need to repay. If you have multiple loans, add them together for an overall calculation.
Set Your Interest Rate
Enter the weighted average interest rate of your loans. Federal loan rates are typically fixed, while private loan rates may be variable. Check your loan documents for exact rates.
Choose Repayment Period
Select how many years you want to take to repay your loans. Standard repayment is typically 10 years, but you can extend this for lower monthly payments (with more total interest).
Select Repayment Plan
Choose from Standard, Graduated, Extended, or Income-Driven repayment plans. Each has different payment structures and total costs over the life of the loan.
Add Grace Period Details
Enter your grace period (typically 6 months for most federal loans). This is the time after graduation before you must start making payments.
Include Income for IDR Plans
If you select Income-Driven Repayment, enter your annual income. These plans calculate payments based on your income and family size, potentially offering loan forgiveness after 20-25 years.
Student Loan Management Tips
Make payments during your grace period if possible to reduce the total interest you'll pay over the life of the loan.
Consider making extra payments toward the principal to pay off your loans faster and save thousands in interest.
If you have multiple loans, pay extra on the highest interest rate loans first while making minimum payments on others.
Look into income-driven repayment plans if your monthly payments are too high relative to your income.
Investigate loan forgiveness programs like Public Service Loan Forgiveness (PSLF) if you work in qualifying public service jobs.
Avoid defaulting on your loans at all costs - contact your loan servicer immediately if you're having trouble making payments.
Consider refinancing private loans or consolidating federal loans if it can lower your interest rate or simplify payments.
Set up automatic payments to get interest rate discounts (typically 0.25% reduction) and ensure you never miss a payment.
Keep detailed records of all payments and communications with your loan servicer for your financial records.
Understand the tax implications - student loan interest may be deductible up to certain income limits.