Student Loan Calculators: Repayment Made Simple
Our comprehensive suite of student loan calculators helps you calculate payments, explore repayment options, and estimate your loan payoff date. Make informed decisions to potentially save thousands on interest over the life of your loans.
- Monthly Payment Calculator
- Interest Rate Calculator
- Loan Payoff Calculator
- Income-Based Repayment
Student Loan Payment Calculator
Calculate your monthly payments, total interest, and payoff timeline with our easy-to-use student loan calculator suite.
Repayment Plan Comparison
Compare standard, income-based, and graduated repayment plans to find the strategy that works best for your financial situation.
Loan Payoff Strategies
Discover how extra payments and refinancing options can help you pay off student debt faster and reduce total interest costs.
Interest Rate Insights
Understand how interest rates impact your student loans and learn strategies to minimize interest costs over time.
Student Loan Calculators Suite
Our comprehensive student loan calculators help you calculate monthly payments, estimate payoff dates, compare repayment plans, and understand how interest impacts your loans.
Calculate Your Monthly Student Loan Payment
Use our student loan payment calculator to estimate your monthly payments based on your loan amount, interest rate, and loan term. This calculator helps you understand how much you'll pay each month for both federal and private student loans.
Result
Enter values and click Calculate
Fill in at least three fields on the left and click the Calculate button to see your loan breakdown and payment details here.
Specialized Student Loan Calculators
Explore our specialized calculators designed for specific student loan scenarios and repayment strategies.
Income-Based Repayment Calculator
Estimate your federal student loan payments under income-driven repayment plans based on your income and family size.
Calculate IBR PaymentsStudent Loan Refinance Calculator
Compare your current loans with refinancing options to see if you could save money by refinancing your student loans.
Calculate Refinance SavingsStudent Loan Interest Calculator
Understand how interest impacts your student loans and learn strategies to minimize interest costs over time.
Calculate Interest ImpactWhy Use Our Student Loan Calculators
Accurate Payment Estimates
Our calculators provide precise monthly payment estimates for both federal and private student loans based on current interest rates and repayment terms.
Compare Repayment Options
Easily compare standard, graduated, extended, and income-based repayment plans to find which option works best for your financial situation.
Interest Savings Insights
Discover how making extra payments, refinancing at lower interest rates, or changing your repayment plan can save you thousands in interest over the life of your loans.
Student Loan Education Resources
Understanding how student loans work is the first step to managing them effectively. Explore our educational resources to make informed decisions.
The Avalanche Method targets loans with the highest interest rate first, regardless of balance. This approach mathematically saves you the most money in interest over time.
How to implement:
- List all your loans and sort them by interest rate (highest to lowest)
- Make minimum payments on all loans
- Put any extra money toward the highest-interest loan
- Once the highest-interest loan is paid off, redirect that payment amount to the next highest-interest loan
- Repeat until all loans are paid off
The Snowball Method targets loans with the smallest balance first, regardless of interest rate. This approach provides psychological wins by eliminating individual loans faster.
How to implement:
- List all your loans and sort them by balance (smallest to largest)
- Make minimum payments on all loans
- Put any extra money toward the smallest-balance loan
- Once the smallest loan is paid off, redirect that payment amount to the next smallest loan
- Repeat until all loans are paid off
Income-Driven Repayment (IDR) plans set your monthly payment at a percentage of your discretionary income. They're ideal if you have high loan balances relative to your income.
Available IDR plans include:
- Income-Based Repayment (IBR): Payments are 10-15% of discretionary income
- Pay As You Earn (PAYE): Payments are 10% of discretionary income
- Revised Pay As You Earn (REPAYE): Payments are 10% of discretionary income
- Income-Contingent Repayment (ICR): Payments are 20% of discretionary income
Student Loan Calculators FAQ
Subsidized loans don't accrue interest while you're in school or during deferment periods. The government pays the interest during these times. Unsubsidized loans begin accruing interest as soon as they're disbursed, and you're responsible for all interest charges.
You can potentially lower your interest rate by refinancing your loans, setting up automatic payments (many lenders offer a 0.25% rate reduction), or by improving your credit score before applying for private loans or refinancing.
It depends on your financial situation. If your loans have high interest rates (above 5-6%), paying them off early can save you money in the long run. However, if you have other high-interest debt or haven't built an emergency fund, those might be priorities before making extra student loan payments.
Loan forgiveness programs cancel some or all of your remaining loan balance after you meet certain requirements. The most common programs are Public Service Loan Forgiveness (PSLF) for government or non-profit employees, and Teacher Loan Forgiveness. Income-driven repayment plans also offer forgiveness after 20-25 years of payments.
Student loan interest is calculated as a percentage of your principal balance. Interest accrues daily based on the outstanding principal amount. The formula is: Daily Interest = (Interest Rate ÷ 365) × Current Principal Balance. This amount is added to your balance if not paid.
If you can't make payments, contact your loan servicer immediately. Options include income-driven repayment plans, deferment, or forbearance. Ignoring the problem can lead to default, which damages your credit and can result in wage garnishment or tax refund seizures.
Federal student loans don't have prepayment penalties, and most private lenders don't either. However, it's always good to check your loan terms to be sure. You can make extra payments at any time to reduce your principal and save on interest costs.
A grace period is a time after you graduate, leave school, or drop below half-time enrollment before you must begin making payments. For most federal loans, this period is six months. During this time, interest may still accrue depending on the loan type.
Ready to Take Control of Your Student Loans?
Use our student loan calculators to calculate your monthly payments, explore repayment options, and create a personalized strategy to pay off your student debt faster.