Student Loan Calculator
Estimate your student loan payments, total interest, and the impact of refinancing or income-driven repayment plans.
Interactive Student Loan Calculator
Result
Use this free student loan calculator to estimate your monthly payment, total interest, and the impact of refinancing or income-driven repayment plans. Models federal and private loans with PSLF tracking.
How to use this student loan calculator
Select your loan type, enter your balance, interest rate, and term. The calculator returns your standard monthly payment, total interest, and total cost. Toggle advanced settings to model IDR plans, PSLF progress, and refinance offers side-by-side.
Worked example: $40,000 federal loan at 6.5% over 10 years
A graduate with $40,000 in federal Direct Loans at 6.5% on the standard 10-year plan:
- Monthly payment: $454
- Total interest: $14,503
- Total paid: $54,503
Switching to the SAVE plan with $55,000 income and family size of 1:
- IDR monthly payment: approximately $200-300 (10% of discretionary income)
- Forgiveness after 20-25 years: remaining balance forgiven
- Taxable income in forgiveness year: forgiven amount may be taxable
The IDR payment is much lower, but the total paid over 20-25 years can exceed the standard plan’s $54,503. The trade-off is monthly cash flow vs. long-term cost.
Public Service Loan Forgiveness (PSLF)
PSLF forgives the remaining federal loan balance after 120 qualifying payments (10 years) while working full-time for a qualifying employer. The employer must be:
- A government organization (federal, state, local, tribal)
- A 501(c)(3) nonprofit
- A nonprofit providing qualifying public services
Qualifying payments must be on an income-driven plan or the 10-year Standard plan. The forgiveness is tax-free at the federal level.
For a $60,000 federal loan at 6.5% on PAYE with PSLF qualifying employment:
- IDR monthly payment: ~$250-350
- Total paid over 10 years: ~$30,000-42,000
- Forgiven amount: ~$18,000-30,000
- Effective ‘return’: substantial — similar to earning 30%+ on additional savings
Refinancing decision framework
Refinancing federal loans into private loans trades federal protections for a potentially lower rate. Consider refinancing only if:
- Your income is stable and high (no need for IDR)
- You are not pursuing PSLF or any other forgiveness
- You have an emergency fund and stable employment
- The refi rate is at least 1% lower than your federal rate
For a $40,000 federal loan at 6.5% refinanced to 4.5% over 10 years:
- New monthly payment: $414 (vs. $454 federal)
- Monthly savings: $40
- Total savings: $4,800 over 10 years
The $4,800 savings comes at the cost of losing access to IDR plans, PSLF, and federal forbearance options.
Income-driven repayment comparison
For a borrower with $55,000 income and family size of 1:
- SAVE plan: ~$200-300/month (5% of discretionary income under recent revisions)
- PAYE: ~$300-380/month (10% of discretionary)
- IBR: ~$380-450/month (15% of discretionary)
- Standard 10-year: $454/month (fixed regardless of income)
IDR plans reduce monthly burden but extend the term and may result in higher total payments. Forgiveness at the end of the term is taxable as income under current rules (though pending legislation may change this).
Tips for managing student loans
- Pay interest during school. Unsubsidized federal loans accrue interest during school; paying it prevents capitalization when repayment begins.
- Choose IDR if income is low. Federal IDR plans can drop payments to $0 in some cases and provide a path to forgiveness.
- Pursue PSLF aggressively if eligible. The 10-year forgiveness plus the IDR-style payments is the best deal in personal finance for qualifying borrowers.
- Don’t refinance federal loans unless certain. The protections (IDR, PSLF, forbearance) are worth more than typical rate savings.
- Pay off highest-rate loans first. If you have multiple loans, the avalanche method (highest APR first) minimizes total interest.
Common mistakes
- Refinancing federal loans too early. Locks out IDR and PSLF; the rate savings rarely justify the loss of protections.
- Ignoring capitalization. Unpaid interest during school or forbearance gets added to the principal, increasing the balance and future interest.
- Not certifying employment annually for PSLF. Submitting the Employment Certification Form annually catches errors and confirms qualifying payment counts.
- Choosing the longest term to minimize payment. Lower monthly payments often mean dramatically more interest over the loan term.
Related Tools
- Loan Calculator – Calculate payments for any fixed-rate loan.
- Loan Calculator – Detailed IDR modeling with annual income changes.
- Credit Card Payoff Calculator – Project forgiveness timeline and tax impact.
- Amortization Calculator – See whether refinancing at a lower rate is worth the closing costs.
- Budget Calculator – Build a 50/30/20 budget including loan payments.
| Loan balance | Monthly payment (10-year) | Total interest | Total paid | Notes |
|---|---|---|---|---|
| $20,000 | $227 | $7,251 | $27,251 | Average bachelor's degree balance |
| $40,000 | $454 | $14,503 | $54,503 | Above-average balance |
| $60,000 | $681 | $21,755 | $81,755 | Graduate degree typical |
| $100,000 | $1,135 | $36,258 | $136,258 | Professional degree range |
| $200,000 | $2,270 | $72,515 | $272,515 | Medical/law school range |
Compare your options
Two methods, three minutes. The honest trade-off table.
This student loan calculator
- + Federal and private loan support with refi modeling.
- + Income-driven repayment plan estimation.
- + PSLF tracking and forgiveness projection.
- − Does not pull actual loan data from servicers.
Federal Student Aid (studentaid.gov)
- + Official source for federal loan details and IDR applications.
- + Tracks your actual qualifying payments for PSLF.
- − Limited to federal loans; no private loan modeling.
- − User interface is dated and slow.
SoFi / Earnest refinance tools
- + Real-time rate quotes based on credit profile.
- + Soft credit pull to preview rates without impact.
- − Locked into that lender's product range.
- − Marketing-driven with extensive cross-selling.
Who actually uses Student Loan Calculator?
Five concrete situations pulled from real sessions, with the exact inputs people paste in.
A realistic monthly payment and total cost of the loan.
Enter your loan balance, interest rate, and term. The calculator returns the standard monthly payment, total interest, and the timeline to forgiveness (if applicable).
Compare current loan to refi offers.
Run the calculator at your current rate and term, then at the refi offer. The tool surfaces the monthly savings and total interest savings, helping you decide if refi is worth the credit pull and fees.
Know what IDR would mean for monthly payment and total paid.
IDR plans cap payments at 10-20% of discretionary income. Enter your income and family size; the calculator estimates the IDR payment and any forgiveness at the end of the term.
Compare parent PLUS loan terms to refi options.
PLUS loans have higher rates and disbursement fees. The calculator shows the true cost and compares against refinancing through a private lender.
Track qualifying payments and remaining term.
PSLF forgives remaining federal loan balance after 120 qualifying payments while working for a qualifying employer. The calculator tracks progress and projects the forgiveness timeline.
A student loan calculator that handles federal, private, IDR, and PSLF — in one place
Student loans have more repayment options than any other consumer debt — federal standard, graduated, extended, IDR plans, PSLF — and the wrong choice can cost tens of thousands over the loan term. This tool models the most common scenarios and shows the total cost, monthly payment, and timeline for each. Whether you are entering repayment, evaluating refinancing, or planning for forgiveness, the calculator surfaces the right comparison.
All four IDR plans plus PSLF modeling
PAYE, IBR, SAVE, and ICR are all supported, with the monthly payment calculated from your income and family size. PSLF tracking shows progress toward 120 qualifying payments and projects the forgiveness timeline.
Side-by-side federal vs. private refi
Run your current federal loan and a refi offer with the same parameters. The calculator shows monthly savings, total savings, and the loss of federal protections — useful for making an informed decision.
Standard, graduated, extended, and IDR terms
10-year standard, 25-year extended, graduated (lower payments that increase over time), and IDR plans are all supported. Compare any two to see which fits your career trajectory.
No account, no servicer integration
Inputs stay in your browser. No account creation, no credit pull, no marketing follow-up.
What you only get here: a free student loan calculator with IDR and PSLF modeling — without linking to a servicer or signing up for refi offers.