Student Loan Calculator -

Loan Amount ($):

Interest Rate (%):

Loan Term (years):

Start Date:

Monthly Payment:

$271.26

Total Interest:

$7,551.20

Total Payment:

$32,551.20

Current Loan Balance ($):

Interest Rate (%):

Current Loan Term (years):

Extra Monthly Payment ($):

Original Monthly Payment:

$402.62

New Monthly Payment:

$502.62

Time Saved:

2 years 4 months

Interest Saved:

$4,245.18

Current Loan Balance ($):

Interest Rate (%):

Loan Term (years):

Annual Salary ($):

Estimated Monthly Payment:

$359.44

Total Interest:

$24,699.20

Payoff Date:

May 2038

Salary-Based Payment:

$300.00

The Ultimate Guide to Managing Your Education Debt

Why Every Student Needs a Loan Calculator

With $1.77 trillion in outstanding U.S. student debt (Federal Reserve 2024), smart repayment planning is crucial because:

🎓 53% of borrowers underestimate their total repayment costs (CBO)
💰 A 1% interest difference can cost $12,000+ over 10 years
📉 38% of borrowers regret not understanding terms before signing (Student Borrower Protection Center)

Our free student loan calculator helps you:

Estimate monthly payments under all plans
Compare forgiveness vs standard repayment
Calculate true loan costs with interest

How Our Student Loan Calculator Works

Step 1: Enter Loan Details

Loan Amount: $30,000 (National average)
Interest Rate: Current rates (June 2024)
- Federal Undergrad: 5.50%
- Federal Grad: 7.05%
- Private Loans: 4.50-15.00%
Repayment Term: Standard 10 years or income-driven

Step 2: Select Repayment Plan

Plan	Monthly Payment on $30k @5.5%
Standard 10-Year	$326
Extended 25-Year	$185
PAYE	10% discretionary income
SAVE (New IDR)	5-10% income

Step 3: View Amortization Schedule

Year	Principal Paid	Interest Paid	Balance
1	$2,100	$1,650	$27,900
5	$12,800	$6,200	$17,200
10	$30,000	$9,100	$0

Try our Interactive Calculator to model your loans

Key Student Loan Calculations

1. Standard Payment Formula

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M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

M = Monthly payment
P = Principal
i = Monthly interest rate
n = Payments (term × 12)

Example:
$30,000 at 5.5% for 10 years = $326/month

2. Income-Driven Repayment (SAVE Plan)

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Payment = (AGI - 225% Poverty Line) × 5-10%

Example:
$50,000 income – $32,805 (225% line) = $71/month

3. Loan Forgiveness Projections

PSLF: 120 qualifying payments
IDR Forgiveness: 20-25 years

5 Critical Student Loan Insights

1. Interest Capitalization Triggers

Leaving grace period
Changing repayment plans
Loan rehabilitation failure

2. The 10-Year vs IDR Test

Standard 10-year: Pays 37% less interest than IDR over time
IDR: Lower payments but higher long-term costs

3. Refinancing Breakpoints

Rule: Refi if private rate is 2%+ lower than federal
Warning: Lose federal protections if refinancing federal loans

4. State Tax Forgiveness Bombs

17 states tax forgiven IDR/PSLF debt

5. Auto-Pay Discount

0.25% rate reduction with automatic payments

Repayment Plan Comparison

Plan	Eligible Loans	Term	Forgiveness
Standard	All	10 yrs	None
SAVE (IDR)	Federal	20-25 yrs	Yes
PSLF	Federal	10 yrs	Tax-free
Extended	$30k+	25 yrs	None

Current Stats (June 2024):

8 million borrowers in SAVE plan
$132 billion approved for PSLF

Advanced Calculation Scenarios

1. PSLF Projections

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Forgiveness Amount = Total Debt - (120 × IDR Payment)

Example:
$80,000 debt – (120 × $150) = $62,000 forgiven

2. Refinancing Analysis

Compare total interest paid under new terms
Factor in lost federal benefits

3. Lump Sum Payoff Strategy

Apply windfalls to highest-interest loans first

4. Marriage Penalty Calculations

IDR: Both spouses’ incomes count unless filing separately

Common Student Loan Mistakes

❌ Missing PSLF certifications (Must submit annually)
❌ Ignoring interest capitalization
❌ Delaying repayment during grace (Unsubsidized loans accrue interest)
❌ Overlooking state tax liabilities