Student Loan Repayment Calculator
Figuring out how to pay back student loans can feel overwhelming. The plan you choose affects your monthly budget, the total interest you’ll pay, and how long you’ll be in debt. This calculator is designed to make that choice clearer. It lets you explore different repayment strategies to find the one that best fits your financial future, and even shows you how making extra payments can help you become debt-free faster.
How to Use the Calculator
- Enter your Loan Details (amount, interest rate, and a standard 10-year term to start).
- Select a Repayment Plan from the dropdown menu. If you choose “Income-Driven,” enter your estimated annual income.
- Click “Calculate Payment” to see your results in the “Payment Summary” section.
- Explore the tabs below to view the Amortization Schedule, compare all plans in a single table, and use the “Extra Payment Calculator” to see how you can save on interest.
Understanding Your Repayment Plan Options
Choosing a repayment plan is a trade-off between your monthly payment and the total interest you’ll pay. Here’s a quick guide:
Standard Repayment
The default repayment plan for federal student loans, with fixed monthly payments over a 10-year term. This plan results in the lowest total interest paid compared to other plans.
✅ Pros
- Pays the loan off the fastest.
- You pay the least amount of total interest.
- Simple, consistent, and easy to budget for.
❌ Cons
- Has the highest monthly payments
- Can be difficult to afford on an entry-level salary.
Extended Repayment
A plan that allows you to repay your loans over a longer period, typically up to 25 years. This lowers your monthly payment but significantly increases the total interest you will pay.
✅ Pros
- Offers a much lower, more manageable monthly payment.
- More manageable for a tight budget.
- Frees up monthly cash flow for other goals.
❌ Cons
- You will pay significantly more in total interest over the life of the loan.
- You will be in debt for a much longer time.
Graduated Repayment
A plan where payments start low and increase every two years. It’s designed for borrowers who expect their income to rise over time, but it can lead to paying more interest than a Standard plan.
✅ Pros
- Low initial payments are easier for new graduates.
- Payments rise to match your expected career growth.
❌ Cons
- You will pay more in total interest than the Standard Plan.
- Later payments can become very high and may be a shock to your budget.
- In the early years, your low payments may not even cover the accruing interest, causing your loan balance to temporarily increase.
Income-Driven Repayment (IDR)
A repayment plan where your monthly payment is calculated as a percentage of your discretionary income. It keeps payments affordable but often extends the loan term and can increase the total interest paid.
✅ Pros
- Monthly payments can be very low (even $0) if your income is low.
- Provides a safety net against job loss or low wages.
- Offers the possibility of loan forgiveness after 20-25 years.
❌ Cons
- You will almost certainly pay much more in total interest.
- Your loan balance can grow if payments don’t cover interest.
- The forgiven loan amount may be considered taxable income.
Loan Details
Extra Payment Calculator
Payment Summary
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $326 | $188 | $138 | $29,812 |
| 2 | $326 | $189 | $137 | $29,623 |
| 3 | $326 | $190 | $136 | $29,433 |
| 4 | $326 | $191 | $135 | $29,242 |
| 5 | $326 | $192 | $134 | $29,051 |
| 6 | $326 | $192 | $133 | $28,859 |
| 7 | $326 | $193 | $132 | $28,665 |
| 8 | $326 | $194 | $131 | $28,471 |
| 9 | $326 | $195 | $130 | $28,276 |
| 10 | $326 | $196 | $130 | $28,080 |
| 11 | $326 | $197 | $129 | $27,883 |
| 12 | $326 | $198 | $128 | $27,685 |
| 13 | $326 | $199 | $127 | $27,487 |
| 14 | $326 | $200 | $126 | $27,287 |
| 15 | $326 | $201 | $125 | $27,086 |
| 16 | $326 | $201 | $124 | $26,885 |
| 17 | $326 | $202 | $123 | $26,683 |
| 18 | $326 | $203 | $122 | $26,479 |
| 19 | $326 | $204 | $121 | $26,275 |
| 20 | $326 | $205 | $120 | $26,070 |
| 21 | $326 | $206 | $119 | $25,864 |
| 22 | $326 | $207 | $119 | $25,657 |
| 23 | $326 | $208 | $118 | $25,449 |
| 24 | $326 | $209 | $117 | $25,240 |
| 25 | $326 | $210 | $116 | $25,030 |
| 26 | $326 | $211 | $115 | $24,819 |
| 27 | $326 | $212 | $114 | $24,607 |
| 28 | $326 | $213 | $113 | $24,395 |
| 29 | $326 | $214 | $112 | $24,181 |
| 30 | $326 | $215 | $111 | $23,966 |
| 31 | $326 | $216 | $110 | $23,750 |
| 32 | $326 | $217 | $109 | $23,534 |
| 33 | $326 | $218 | $108 | $23,316 |
| 34 | $326 | $219 | $107 | $23,097 |
| 35 | $326 | $220 | $106 | $22,877 |
| 36 | $326 | $221 | $105 | $22,657 |
| 37 | $326 | $222 | $104 | $22,435 |
| 38 | $326 | $223 | $103 | $22,212 |
| 39 | $326 | $224 | $102 | $21,989 |
| 40 | $326 | $225 | $101 | $21,764 |
| 41 | $326 | $226 | $100 | $21,538 |
| 42 | $326 | $227 | $99 | $21,311 |
| 43 | $326 | $228 | $98 | $21,083 |
| 44 | $326 | $229 | $97 | $20,854 |
| 45 | $326 | $230 | $96 | $20,624 |
| 46 | $326 | $231 | $95 | $20,393 |
| 47 | $326 | $232 | $93 | $20,161 |
| 48 | $326 | $233 | $92 | $19,928 |
| 49 | $326 | $234 | $91 | $19,694 |
| 50 | $326 | $235 | $90 | $19,458 |
| 51 | $326 | $236 | $89 | $19,222 |
| 52 | $326 | $237 | $88 | $18,984 |
| 53 | $326 | $239 | $87 | $18,746 |
| 54 | $326 | $240 | $86 | $18,506 |
| 55 | $326 | $241 | $85 | $18,265 |
| 56 | $326 | $242 | $84 | $18,024 |
| 57 | $326 | $243 | $83 | $17,781 |
| 58 | $326 | $244 | $81 | $17,537 |
| 59 | $326 | $245 | $80 | $17,291 |
| 60 | $326 | $246 | $79 | $17,045 |
| … | ||||
| 109 | $326 | $308 | $17 | $3,485 |
| 110 | $326 | $310 | $16 | $3,175 |
| 111 | $326 | $311 | $15 | $2,864 |
| 112 | $326 | $312 | $13 | $2,552 |
| 113 | $326 | $314 | $12 | $2,238 |
| 114 | $326 | $315 | $10 | $1,923 |
| 115 | $326 | $317 | $9 | $1,606 |
| 116 | $326 | $318 | $7 | $1,288 |
| 117 | $326 | $320 | $6 | $968 |
| 118 | $326 | $321 | $4 | $647 |
| 119 | $326 | $323 | $3 | $324 |
| 120 | $326 | $324 | $1 | $0 |
Repayment Plan Comparison
| Plan Type | Monthly Payment | Total Interest | Total Amount | Time to Payoff |
|---|---|---|---|---|
| Standard | $326 | $9,069 | $39,069 | 10 years |
| Extended | $184 | $25,268 | $55,268 | 25 years |
| Graduated | $163 | $9,069 | $39,069 | 10 years |
| Income-Driven | $326 | $9,069 | $39,069 | 20 years |
Interest Savings Analysis
Key Financial Terms
- Amortization: The schedule of your loan payments, showing the breakdown of how much of each payment goes toward reducing your principal balance and how much is paid in interest.
- Interest: The fee charged by a lender for the use of borrowed money, expressed as an annual percentage rate (APR).
- Loan Term: The length of time scheduled for repaying a loan. A shorter term means higher monthly payments but less total interest, while a longer term means lower monthly payments but more total interest.
- Principal: The original amount of money borrowed, not including any interest charges. Each payment you make reduces your principal balance.
Student Loan Scenario
Maria has just been accepted to ABC University. After scholarships and family contributions, she estimates she will need to borrow a total of $35,000 in federal student loans to cover all four years of her degree.
Fast forward four years. Maria has graduated and landed her first job with a starting salary of $55,000 per year. Her loan repayment is about to begin.
Your Task:
Enter Maria’s initial loan details into the calculator to serve as your starting point for all the questions below.
- Loan Amount:
$35,000 - Annual Interest Rate:
5.8% - Loan Term:
10 years - Repayment Plan:
Standard Repayment
Click “Calculate Payment” to see her baseline situation before you begin the questions.