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Student loan calculator

Calculate your monthly student loan payment for standard and income-driven repayment plans. Compare options to find the best strategy for managing your education debt.

Calculator inputs

Enter your student loan details to calculate monthly payments

Total loan amount

Interest rate (%)

Loan term (years)

Repayment plan

Your results

Based on your inputs

Enter your details to see results

Quick Answers

Federal loan types

Direct Sub/Unsub

Avg. student debt

~$37,000

Standard repayment

10 years

IDR options

4 federal plans

Frequently asked questions

Common questions about student loans and repayment.

What is a student loan calculator?

A student loan calculator estimates your monthly payment and total repayment cost based on your loan balance, interest rate, and repayment term. For federal loans, it models the standard 10-year repayment plan as well as extended options. For private loans, it uses the fixed amortization formula. Entering your actual loan balance and rate helps you understand exactly what your repayment commitment looks like and lets you compare strategies -- such as extra payments, choosing a shorter term, or evaluating income-driven repayment -- before your grace period ends and your first payment comes due.

What are typical student loan repayment timelines?

The standard federal repayment plan is 10 years with fixed payments. Extended repayment can stretch to 25 years for borrowers with more than $30,000 in federal debt. Income-driven repayment plans -- the Repayment Assistance Plan (RAP) for loans disbursed on or after July 1, 2026, and IBR (plus PAYE and ICR until 2028) for older loans -- set payments as a percentage of income for 20 to 30 years, after which any remaining balance may be forgiven with potential tax implications. Private loan terms vary by lender and typically range from 5 to 15 years. Longer terms lower monthly payments but significantly increase the total amount of interest you pay.

What is the difference between subsidized and unsubsidized loans?

With subsidized Direct Loans, the federal government pays the interest that accrues while you are enrolled at least half-time, during your 6-month grace period after leaving school, and during authorized deferment. This means your balance does not grow while you are in school. With unsubsidized loans, interest begins accruing from the moment the loan is disbursed -- through all years of school. If you do not pay that accruing interest, it capitalizes (gets added to your principal) when repayment begins, increasing the balance you owe and the total lifetime cost of the loan.

Can I pay off my student loans early?

Yes -- both federal and private student loans can be paid off early at any time without prepayment penalties. Making extra principal payments reduces your outstanding balance, which means less interest accrues each month, shortening your payoff timeline and saving money. For federal borrowers pursuing Public Service Loan Forgiveness or income-driven repayment forgiveness, however, aggressive prepayment may not be financially optimal -- in those cases, minimizing payments and maximizing forgiveness can produce a better outcome. Evaluate your specific repayment plan before making large extra payments on federal loans.

What is income-driven repayment (IDR)?

Income-driven repayment plans set your monthly federal student loan payment as a percentage of your discretionary income rather than based on your loan balance. Under the Repayment Assistance Plan (RAP), the only income-driven plan for loans first disbursed on or after July 1, 2026, payments run 1% to 10% of adjusted gross income with a $10 minimum, reduced by $50 per dependent. SAVE was eliminated in 2026. After 20 or 25 years of qualifying payments -- depending on the plan and loan type -- any remaining balance is forgiven. IDR is particularly valuable when your loan balance is high relative to your income. Forgiven amounts may be treated as taxable income in the year of forgiveness; consult a tax advisor about the implications for your situation.

About this calculator

This student loan calculator uses the standard amortization formula to estimate monthly payments and total repayment cost for fixed-rate loans. Federal loan rates, repayment plan rules, and income-driven repayment options are set by the U.S. Department of Education and are not modeled in this calculator.

Federal student loan interest rates and repayment data referenced on this page are sourced from StudentAid.gov and the U.S. Department of Education. Private loan rate ranges follow lender-published APR disclosures.

MyLoanCalcs.com provides free educational calculators and does not offer financial advice or lending services. Federal student loan borrowers should consult StudentAid.gov for authoritative repayment guidance.

Before You Calculate

Understanding Your Student Loan Calculator Results

Student loan repayment is more complex than most other debt types because federal loans come with multiple repayment plan options, income-based payment caps, and forgiveness programs that private loans do not offer. The right repayment strategy depends on your loan type, income, career path, and long-term financial goals.

This guide explains how to interpret the numbers this calculator produces, what inputs matter most for accuracy, and what key decisions to evaluate before choosing a repayment strategy.

How to Read Your Student Loan Calculator Results

Follow these six steps for the most accurate and actionable estimate.

Enter your actual loan balance, not the original borrowed amount

If your loans have been in deferment or forbearance, interest may have capitalized -- meaning unpaid interest was added to the principal balance. Your current payoff balance may be higher than what you originally borrowed. Log into studentaid.gov or your loan servicer portal to find your current outstanding balance. Using the original borrowed amount will underestimate your monthly payment and total repayment cost.

Pro tip: Federal loan balances and servicer information are all available at studentaid.gov using your FSA ID.

Use your actual interest rate, not a promotional or assumed rate

Federal student loan interest rates are set by Congress each year and vary by loan type and disbursement year. Direct Subsidized and Unsubsidized Loans for undergraduates, Graduate PLUS loans, and Parent PLUS loans all carry different rates. If you have multiple loans at different rates, run the calculator separately for each or use the weighted average rate. Your servicer's website or studentaid.gov shows the rate for each individual loan.

Pro tip: The weighted average rate is calculated by multiplying each loan balance by its rate, summing those products, and dividing by the total balance.

Understand the difference between standard and income-driven repayment

The Standard Repayment Plan amortizes your full balance over 10 years at a fixed monthly payment -- the fastest and cheapest repayment option in total interest paid. Income-Driven Repayment (IDR) plans like SAVE, PAYE, and IBR cap payments at a percentage of your discretionary income, which lowers monthly payments but extends repayment to 20-25 years and significantly increases total interest paid unless you qualify for forgiveness.

Pro tip: Use the calculator on Standard first, then compare to your IDR estimate from the Federal Student Aid Loan Simulator at studentaid.gov.

Account for interest accrual on unsubsidized loans during school

Subsidized loans do not accrue interest while you are enrolled at least half-time or during a 6-month grace period after graduation. Unsubsidized loans accrue interest from the day they are disbursed. If you did not pay interest during school, that accrued interest capitalized at repayment entry, increasing your balance. The calculator reflects your current balance -- if capitalized interest inflated it, your monthly payment reflects that cost.

Pro tip: Even small in-school interest payments on unsubsidized loans can prevent thousands in capitalization at repayment entry.

Evaluate refinancing only after understanding the tradeoffs

Refinancing federal loans with a private lender can lower your interest rate if you have strong credit and stable income -- but it permanently converts federal loans to private, eliminating access to IDR plans, Public Service Loan Forgiveness, federal forbearance, and other protections. Run the calculator at your current federal rate and at the refinance rate to see the interest savings, then weigh that against the value of federal protections you would lose.

Pro tip: Never refinance federal loans if you work in public service, non-profit, or government -- you would forfeit PSLF eligibility.

Model the impact of extra payments on your payoff date

Student loans have no prepayment penalty. An extra $50 to $100 per month directed to principal can cut years off your repayment and save thousands in interest. Run the calculator at your standard payment, then recalculate with a higher payment to see how the payoff date and total interest change. Make sure extra payments are applied to principal, not future payments -- contact your servicer to confirm how to designate extra payments.

Pro tip: Specify "apply to principal" in writing when making extra payments. Many servicers default to advancing the next due date instead.

3 Common Mistakes in Student Loan Repayment

What to Do Next

These tools and guides will help you model repayment scenarios, understand key terms, and build a repayment plan that fits your financial situation.

What Is Amortization?

How each payment splits between principal and interest.

How to Get Out of Debt

Strategies for paying down debt faster.

Early Payoff Calculator

See how extra payments shorten your loan.

Loan Comparison Calculator

Compare repayment scenarios side by side.

What Is APR?

The true annual cost of borrowing.

Personal Loan Calculator

Compare private refinancing options.

Methodology

How It Works

The student loan calculator provides estimates for both standard and income-driven repayment plans. Standard repayment uses the amortization formula:

Standard repayment formula:

M = P x [r(1+r)^n] / [(1+r)^n - 1]

M = Monthly payment
P = Principal (total loan amount)
r = Monthly interest rate (annual rate / 12 / 100)
n = Total number of payments (years x 12)

For income-driven plans, the calculator provides a simplified estimate. Actual IDR payments are based on discretionary income -- the difference between your income and 150% of the poverty guideline for your family size.

Step-by-Step

Worked Example

Monthly payment for a student loan under standard repayment:

Loan amount: $28,750

Interest rate: 4.53% annual

Loan term: 10 years

Step 1: Monthly rate: 4.53% / 12 / 100 = 0.003775

Step 2: Number of payments: 10 x 12 = 120

Step 3: Apply formula:

M = 28,750 x [0.003775(1.003775)^120] / [(1.003775)^120 - 1]

M = $298.38 per month

Total interest paid: $7,055.16

Total cost: $35,805.16

About the Author: De Van Do

De Van Do is the author and site builder behind MyLoanCalcs.com. With a background in technology, De Van Do built this site out of an interest in making financial calculations clear and accessible. De Van Do is not a licensed loan officer, mortgage broker, or financial advisor -- content on this site is for informational purposes only.