Calculate student loan payments, payoff timelines, and compare repayment plans including PSLF
A student loan repayment calculator projects monthly payments, total interest, payoff timeline, and repayment strategies for student loans based on loan amount, interest rate, and repayment term. Calculates payments for standard 10-year plan, extended terms (15-30 years), income-driven repayment plans (IDR), and accelerated payoff with extra payments. Shows interest savings from faster repayment and compares repayment options (standard, graduated, extended, income-based). Essential for graduates planning post-college budgets, borrowers evaluating refinancing, anyone optimizing loan payoff strategy, and understanding loan forgiveness eligibility.
Make informed repayment plan choices: standard 10-year plan for $50k at 6% costs $555/month but $16,607 total interest, while 25-year extended plan costs only $322/month but $46,500 total interest—choose based on cash flow versus total cost priorities. Calculate impact of extra payments: paying $100 extra monthly on $30k loan at 5% saves $3,779 interest and eliminates loan 3.5 years earlier. Evaluate refinancing benefits: refinancing $60k at 7% to 4.5% saves $115 monthly and $13,800 over life of loan. Understand income-driven repayment: IBR caps payments at 10-15% of discretionary income, potentially lowering $600 standard payment to $250 monthly, with loan forgiveness after 20-25 years (though forgiven amount may be taxable). Compare public service loan forgiveness: working in qualifying nonprofit/government job allows forgiveness after 10 years (120 payments) of income-driven repayment.
Enter total student loan balance, weighted average interest rate (if multiple loans, use loan servicer's combined rate or calculate weighted average), and select repayment term (10 years standard, 15-30 years extended, or income-driven plan). For income-driven repayment: enter adjusted gross income and family size to calculate capped payment (typically 10-15% of income above 150% poverty line). Results show: monthly payment amount, total interest over loan life, total repayment amount, and payoff date. Use extra payment calculator to see impact of additional principal payments: $50, $100, $200 extra monthly shows time and interest saved. Compare refinancing: enter new interest rate to see savings. For loan forgiveness strategies: calculate if income-driven repayment with forgiveness after 20-25 years results in lower total cost than standard repayment—depends on income trajectory and loan balance.
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Common questions about student loan repayment calculator | loan payoff & forgiveness calculator