Student Loan Calculator
Calculate your student loan payments with standard or income-driven repayment plans
How to Use This Student Loan Calculator
- Choose between Standard Loan or Income-Driven Repayment calculator
- For Standard: Enter loan amount, interest rate, and term (typically 10 years)
- For IDR: Enter total debt, annual income, family size, and select a plan
- Click Calculate to see monthly payment and total repayment cost
- Compare standard repayment versus income-driven options
Example: A $30,000 loan at 5.5% over 10 years requires $326/month payments totaling $39,088. With $45,000 income on SAVE plan, payments drop to $175/month with forgiveness after 20 years.
Tip: Federal loan interest rates for 2025-26 are fixed at 6.53% (undergraduate), 8.08% (graduate), and 9.08% (Parent PLUS).
Why Use a Student Loan Calculator?
Understanding repayment options helps you choose the plan that best fits your financial situation and career path.
- Calculate standard 10-year repayment costs
- Compare income-driven repayment (IDR) plan options
- Estimate potential loan forgiveness amounts
- Plan for Public Service Loan Forgiveness (PSLF)
- Determine if refinancing private loans makes sense
- Budget for student loan payments in your monthly expenses
Understanding Your Results
Key figures help compare repayment strategies based on your income and career goals.
| Result | Meaning | Action |
|---|---|---|
| Payment < 10% of gross income | Manageable debt load | Standard repayment may be feasible; pay off faster to save interest |
| Payment 10-15% of gross income | Stretched but workable | Consider IDR plans if budget is tight; avoid lifestyle inflation |
| Payment > 15% of gross income | Heavy debt burden | Income-driven plans essential; pursue forgiveness programs if eligible |
Meaning: Manageable debt load
Action: Standard repayment may be feasible; pay off faster to save interest
Meaning: Stretched but workable
Action: Consider IDR plans if budget is tight; avoid lifestyle inflation
Meaning: Heavy debt burden
Action: Income-driven plans essential; pursue forgiveness programs if eligible
Note: IDR forgiveness after 20-25 years may result in a tax bill on forgiven amounts (except PSLF, which is tax-free).
About Student Loan Calculator
Formula
Standard Payment = P × [r(1+r)^n] / [(1+r)^n - 1] IDR payment = (Income - 150% Federal Poverty Line) × payment percentage / 12. The SAVE plan uses 5% for undergrad and 10% for grad loans.
Current Standards: 2026 federal rates: 6.53% undergrad Direct, 8.08% grad Direct, 9.08% PLUS. Poverty line for IDR: ~$15,650 (single). SAVE plan forgives undergrad loans under $12,000 after 10 years.
Frequently Asked Questions
Which income-driven repayment plan is best?
The SAVE plan (2024+) is generally best for most borrowers—it calculates payments on 5% (undergrad) or 10% (grad) of discretionary income, using 225% of poverty line (vs. 150% for others). It also doesn't capitalize unpaid interest. If ineligible for SAVE, PAYE is usually the next best option.
How does Public Service Loan Forgiveness work?
PSLF forgives remaining federal loan balance after 120 qualifying monthly payments (10 years) while employed full-time by government or 501(c)(3) nonprofits. Payments must be under an IDR plan or 10-year standard plan. The forgiven amount is tax-free. Apply through StudentAid.gov after meeting requirements.
Should I refinance my student loans?
Refinancing federal loans into private loans eliminates access to IDR plans, forgiveness programs, and federal protections. Only refinance if you have stable high income, won't need federal benefits, and can secure a significantly lower rate. Private loan refinancing can make sense if you already have private loans.
What happens to forgiven loan amounts for taxes?
Under current law (through 2025), all student loan forgiveness is tax-free. After 2025, IDR forgiveness (but not PSLF) may be taxable as income unless extended. A $50,000 forgiven balance could create a $10,000+ tax bill depending on your bracket. Plan ahead for this potential liability.
Can I pay off student loans while in school?
Yes, you can make payments during school, grace periods, or deferment. Any payment during these periods goes entirely to interest and principal (no additional interest accrues on subsidized loans while in school). Paying during school significantly reduces total loan cost, even if just covering monthly interest.