Student Loan Calculator
Calculate monthly student loan repayments, total interest accrued, and payoff timelines for federal and private student debt.
Repayment Summary
Federal and private are different instruments
The distinction that matters most is federal versus private. Federal loans carry fixed rates set by statute and come with protections private lenders do not offer — income-driven repayment, deferment and forbearance, and forgiveness programmes including Public Service Loan Forgiveness. Private loans are ordinary consumer credit priced on your credit profile, often variable, with far fewer options if your circumstances change.
That asymmetry drives the single most consequential decision borrowers face: refinancing federal loans with a private lender. A lower rate is genuinely attractive, but refinancing federal debt privately permanently forfeits every federal protection, and the decision cannot be reversed. For a high earner in a stable field the trade can make sense; for anyone who might need income-driven repayment or forgiveness, it rarely does.
On the mechanics: interest generally accrues daily on the outstanding principal, so extra payments reduce lifetime cost immediately. Where you have several loans, direct anything extra at the highest rate first and instruct the servicer explicitly — otherwise overpayments are often spread across loans or treated as paying next month's bill early, neither of which is what you intended. Unpaid interest that capitalises is added to principal and then earns interest itself.
Frequently asked questions
What is the standard repayment period for federal student loans?
The standard repayment plan for federal student loans is 10 years (120 monthly payments).
What repayment plans are available for US federal loans?
Standard is a fixed ten-year schedule. Graduated starts lower and rises. Extended runs up to 25 years. Income-driven plans tie payments to discretionary income with forgiveness after 20-25 years. Plan availability and terms have changed repeatedly in recent years, so verify current options at StudentAid.gov.
Should I refinance my federal student loans privately?
Only with caution. Refinancing privately permanently forfeits income-driven repayment, federal forgiveness programmes including PSLF, and generous deferment and forbearance rights. For a borrower with high income, stable employment and no forgiveness prospect, a lower private rate can save real money - for anyone else the protections are usually worth more than the rate.
How does Public Service Loan Forgiveness work?
It forgives the remaining balance on Direct Loans after 120 qualifying monthly payments while employed full time by a government or qualifying non-profit employer. The payments need not be consecutive, but they must be on a qualifying plan with a qualifying employer - the two conditions that historically caused most denials. Certify employment annually.