Student Loan Calculator

Calculate your monthly payment and compare different repayment plans for your student loans

How Student Loans Work

This calculator shows your monthly payment, total interest, and payoff time based on your loan amount, interest rate, and term. Federal loans have fixed rates and offer income-driven repayment plans. Private loans often have fewer protections but can offer competitive rates with good credit. Subsidized loans don't accrue interest while you're in school; unsubsidized loans do.

Key tip: Pay more than the minimum when you can—extra payments go straight to principal and save you tons in interest over the life of the loan.

Frequently Asked Questions

Pay off loans early or invest?

If your loan rate is higher than what you'd realistically earn investing (say, 7% loan vs. 8-10% expected market return), pay off the loan. But always build a 3-6 month emergency fund first, and get any employer 401(k) match (that's free money). After that, compare the rates.

How does loan forgiveness work?

Public Service Loan Forgiveness (PSLF) = 120 qualifying payments (10 years) while working for government or nonprofit. Income-driven plans = forgiveness after 20-25 years of payments. Teacher Loan Forgiveness = up to $17,500 after 5 years at eligible schools. Each has specific requirements—check eligibility carefully.

Should I refinance my student loans?

Refinancing can lower your rate and save money. But if you refinance federal loans with a private lender, you lose income-driven repayment, forgiveness options, and federal protections (deferment, forbearance). Only refinance if you're sure you won't need those federal benefits.

How do student loans affect credit?

On-time payments build your credit history and improve your score. Missing payments or defaulting tanks your score. High balances increase your debt-to-income ratio, which can make it harder to qualify for other loans (like a mortgage).

Can I change my repayment plan?

Yes, you can switch federal repayment plans anytime. Contact your loan servicer. You'll need to provide income docs for income-driven plans. Note: switching plans can trigger interest capitalization (unpaid interest gets added to principal) and might extend your term or affect forgiveness eligibility.

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