Student Loan Calculator
Calculate your student loan payments, total interest, and payoff timeline. Compare repayment plans, estimate forgiveness eligibility, and create a debt payoff strategy.
Loan Information
Currency
Loan Type
Loan Amount
Interest Rate
Repayment Plan
Financial Information
Advanced Options
Loan Calculation Results
Ready to Calculate
Enter your loan information and click "Calculate Loan Payments & Total Cost"
Common Loan Scenarios
Current Federal Loan Rates
Student Loan Facts
- Average student debt: $37,000 per borrower
- 45 million Americans have student loans
- Federal loans have fixed interest rates
- Income-driven plans cap payments at 10-20% of income
- PSLF requires 120 qualifying payments
Monthly Payment Examples
Payoff Strategies
Student Loan Calculator: Plan Your Education Debt Repayment
A Student Loan Calculator is an essential financial planning tool designed to help students and graduates understand their loan repayment obligations. With over 45 million Americans carrying $1.7 trillion in student loan debt, proper planning is crucial for financial success.
Our calculator supports multiple currencies (USD, EUR, GBP, CAD, AUD, JPY, INR, CNY) and provides accurate calculations for all loan types including federal loans, private loans, Parent PLUS, and Grad PLUS loans. Whether you're planning to take out a loan or currently repaying one, this tool helps you make informed decisions.
How to Use This Student Loan Calculator
Step 1: Enter Loan Details
- Select your currency
- Enter loan amount or use quick buttons
- Set interest rate (current rates auto-suggested)
Step 2: Configure Repayment
- Choose repayment term (5-25 years)
- Select repayment plan type
- Enter income for income-driven plans
Step 3: Analyze Results
- View monthly payment and total cost
- See amortization schedule preview
- Compare extra payment impact
Understanding Repayment Plans
Standard vs. Income-Driven Repayment
Standard Repayment plans have fixed monthly payments over 10 years. This results in the lowest total interest paid but higher monthly payments. Income-Driven Repayment (IDR) plans adjust payments based on your income and family size, with forgiveness after 20-25 years of payments.
When to Choose Standard
- Stable, sufficient income
- Want to pay off quickly
- Want lowest total interest
When to Choose IDR
- Low or variable income
- Pursuing PSLF forgiveness
- Need lower monthly payments
Frequently Asked Questions (FAQ)
What's the average student loan payment?
The average monthly student loan payment is $200-$300 for federal loans, but varies based on loan amount, interest rate, and repayment term. Private loans often have higher payments. Use our calculator with your specific numbers for accurate results.
Can I change my repayment plan later?
Yes, you can switch repayment plans at any time for federal loans. Private loans may have restrictions. Switching to income-driven plans requires income verification. Some plans have eligibility requirements.
How does loan forgiveness work?
PSLF: 120 qualifying payments while working full-time for qualifying employer.
Teacher Forgiveness: Up to $17,500 after 5 years teaching in low-income school.
Income-Driven: Remaining balance forgiven after 20-25 years of payments.
Should I pay off loans early?
Consider paying off early if: 1) Interest rate is high (>6%), 2) You have emergency fund saved, 3) No employer 401(k) match to prioritize. Use our extra payment calculator to see the impact.
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