Student Loan Calculator

Q: How are student loan payments calculated?

Standard student loan payments use amortization: each payment covers accrued interest plus reduces principal. On the Standard Repayment Plan, monthly payment = [P × r(1+r)^n] / [(1+r)^n − 1], where P = balance, r = monthly rate, n = 120 months (10 years). Income-driven plans instead base payments on 5–10% of discretionary income.

Q: What is the difference between subsidized and unsubsidized student loans?

Subsidized loans: the federal government pays interest while you're in school, during the grace period, and during deferment. Available only to undergrads with financial need. Unsubsidized loans: interest accrues from day one, even while you're in school. Available to all eligible students regardless of need. Both have the same 2026 interest rates.

Q: What repayment plans are available for federal student loans?

Federal repayment options include: Standard (10-year, fixed payments), Graduated (starts low, increases every 2 years), Extended (up to 25 years), SAVE (5% of discretionary income for undergrad, forgiveness after 20 years), IBR (10% of income), PAYE (10% of income, 20-year forgiveness), and ICR (20% of income). PSLF offers forgiveness after 10 years for public service workers.

Q: How does Public Service Loan Forgiveness (PSLF) work?

PSLF forgives the remaining balance of federal Direct Loans after 120 qualifying payments while working full-time for a qualifying employer (government, 501(c)(3) nonprofits, certain other nonprofits). Payments must be made on an income-driven plan. The forgiveness is tax-free at the federal level. Our calculator can estimate your remaining balance after 120 payments.

Q: Should I pay off student loans or invest?

This depends on your interest rate. If your student loan rate is below 5–6%, it often makes mathematical sense to invest the difference in a diversified portfolio (historical market returns ~7% annually). If your rate is above 7%, paying off the debt first provides a guaranteed risk-free return equal to that rate. Consider your risk tolerance and employer 401(k) match too.

Q: How much student loan debt is too much?

A common guideline: total student loan debt at graduation should not exceed your expected first-year annual salary. If you expect to earn $50,000, limit borrowing to $50,000. Above this threshold, repayment becomes increasingly stressful. For professional degrees (MD, JD), a ratio of 1:1 to 2:1 debt-to-expected-salary is often considered manageable.

Q: Can student loans be forgiven?

Yes, through several programs: Public Service Loan Forgiveness (PSLF) forgives remaining federal debt after 10 years of public service payments. Income-driven repayment plans (SAVE, IBR, PAYE) offer forgiveness after 20–25 years. Teacher Loan Forgiveness provides up to $17,500 after 5 years in low-income schools. Some states also offer forgiveness for healthcare workers, lawyers, and others in underserved areas.

Q: What happens if I can't make my student loan payments?

Federal student loans have several protections: deferment (pause payments, interest may accrue), forbearance (pause up to 12 months for hardship), and income-driven repayment plans that cap payments at 5–10% of discretionary income. Default occurs after 270 days of non-payment and triggers serious consequences, wage garnishment, tax refund seizure, credit damage. Contact your servicer immediately if you're struggling.

Calculate your student loan payments and total interest.

Updated July 2026

Loan Details

Loan Amount

$

Interest Rate

% / year

Repayment Plan

Loan Term

Repayment Summary

Monthly Payment$379.84

Standard (10 years)

Loan Summary

Total Paid

$45,580.80

Total Interest

$10,580.80

Loan Amount

$35,000.00

Payoff DateJuly 2036

Yearly Amortization

Year	Principal	Interest	Balance
1	$2,700.48	$1,857.60	$32,299.52
2	$2,852.81	$1,705.27	$29,446.71
3	$3,013.73	$1,544.35	$26,432.98
4	$3,183.73	$1,374.35	$23,249.25
5	$3,363.31	$1,194.77	$19,885.94
6	$3,553.03	$1,005.05	$16,332.91
7	$3,753.45	$804.63	$12,579.46
8	$3,965.18	$592.90	$8,614.28
9	$4,188.84	$369.24	$4,425.44
10	$4,425.13	$132.95	$0.31

2026 Data

IRS-Sourced

Free Forever

How It Works

01

Enter Loan Details

Input your loan balance, interest rate, and term.

02

Choose Your State

Select your state for localized repayment info.

03

Review Your Plan

See monthly payments, total interest, and payoff date.

Student Loan Calculator by State

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How Student Loan Repayment Works

Federal student loans use a standard amortization formula: each monthly payment covers accrued interest plus reduces principal. On the Standard Repayment Plan, you pay equal amounts over 10 years. Income-driven plans (SAVE, IBR, PAYE) cap payments at 5–10% of discretionary income and forgive remaining balances after 20–25 years. PSLF forgives after 10 years for qualifying public service employees.

Standard Plan

Fixed payments over 10 years. Highest monthly payment but lowest total interest, you pay off faster.

Income-Driven

SAVE, IBR, PAYE plans cap payments at 5–10% of discretionary income. Balance forgiven after 20–25 years.

PSLF

Public Service Loan Forgiveness: 120 payments on income-driven plan while working for qualifying employer. Tax-free forgiveness.

Related guides

Student Loan Repayment Plans Compared

Standard, Extended, Graduated, and IDR plans, total cost side-by-side.

Student Loan Forgiveness 2026

PSLF, IDR forgiveness, and the current status of relief programs.

Income-Based Repayment Calculator

IBR vs PAYE vs SAVE, payment examples and forgiveness timelines.

Student Loan Calculator. Frequently Asked Questions

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Disclaimer: For informational purposes only. Not tax, legal, or financial advice.