Finance

Student Loan Calculator

Calculate your student loan payoff timeline and total interest. Compare standard repayment with income-driven plans and custom payment amounts.

Quick Answer

A $35,000 student loan at 6.5% on the standard 10-year plan costs $394/month and $12,300 in total interest. Paying $500/month instead saves $4,000+ in interest and knocks 3+ years off your timeline.

Your Student Loan Details

$
%
$
$

Repayment Plan Comparison

Standard (10-year)

$397.42/mo
Payoff Time
10 yr
Total Interest
$12,690
Total Paid
$47,690
Payoff Date
Apr 2036

Your Payment

$500.00/mo
Payoff Time
7 yr 5 mo
Total Interest
$9,122
Total Paid
$44,122
Payoff Date
Sep 2033
Your plan saves $3,568 in interest vs. the standard plan and pays off 2 yr 7 mo sooner.
Disclaimer: This calculator provides estimates for informational purposes only and should not be considered financial advice. Consult a qualified financial advisor for personalized guidance.

About This Tool

The Student Loan Calculator helps you understand your payoff timeline and compare different repayment strategies. Enter your loan balance, interest rate, and desired monthly payment to see when you'll be debt-free and how much total interest you'll pay. The tool also compares your plan against the standard 10-year repayment and an income-driven estimate.

Standard vs. Income-Driven Repayment

The standard 10-year plan is the fastest and cheapest way to repay federal student loans. You make fixed payments for 120 months and you're done. Income-driven plans (SAVE, PAYE, IBR, ICR) cap payments at 10-20% of discretionary income and extend the term to 20-25 years. Lower monthly payments mean more interest accrues — sometimes tens of thousands more. The remaining balance after the term is forgiven, which may be taxable income.

The Power of Extra Payments

Paying even a small amount above the minimum can significantly reduce your total cost. On $35,000 at 6.5%, the standard payment is about $394/month. Paying $500 instead saves over $4,000 in interest and eliminates the loan roughly 3 years early. Target the highest-rate loan first (avalanche method) for maximum savings, or the smallest balance first (snowball method) for psychological wins.

Understanding the Income-Driven Estimate

The income-driven estimate in this calculator uses a simplified formula: 10% of discretionary income, where discretionary income is your AGI minus 150% of the federal poverty guideline ($22,590 for a single individual in 2026). Actual IDR payments depend on your specific plan, family size, filing status, and income certification. Contact your loan servicer for exact IDR payment calculations.

Refinancing Considerations

If you have stable income and good credit (720+), refinancing can lower your interest rate substantially — sometimes by 2-3 percentage points. But refinancing federal loans into private loans permanently eliminates access to income-driven repayment, Public Service Loan Forgiveness, and federal forbearance options. Only refinance federal loans if you're confident you won't need these safety nets.

Frequently Asked Questions

What is the standard repayment plan for student loans?
The standard repayment plan has fixed monthly payments over 10 years (120 months). This is the default plan for federal student loans. It results in the lowest total interest paid among all repayment plans because you pay off the loan fastest. Monthly payments are typically higher than income-driven plans but save significantly on total interest.
How do income-driven repayment plans work?
Income-driven repayment (IDR) plans cap your monthly payment at a percentage of your discretionary income — typically 10-20% depending on the specific plan (SAVE, PAYE, IBR, ICR). Payments can be as low as $0 if your income is below 150% of the federal poverty guideline. After 20-25 years of payments, any remaining balance is forgiven. The trade-off: much lower monthly payments but significantly more total interest.
Should I pay more than the minimum on student loans?
If you can afford it, paying extra reduces total interest and shortens your payoff timeline. On a $35,000 loan at 6.5%, paying $100 extra per month ($494 vs. $394) saves about $4,800 in interest and pays off the loan 3 years early. However, first build an emergency fund and capture any employer 401(k) match before accelerating loan payoff.
Can I deduct student loan interest on my taxes?
Yes. You can deduct up to $2,500 per year in student loan interest paid, even if you don't itemize deductions. This is an 'above the line' deduction that reduces your adjusted gross income. The deduction phases out for single filers with MAGI between $80,000-$95,000 and married filing jointly between $165,000-$195,000 (2026 figures). Both federal and private student loan interest qualify.
Is refinancing student loans a good idea?
Refinancing makes sense if you can get a significantly lower interest rate (at least 1-2% less) and don't need federal loan benefits like income-driven repayment or Public Service Loan Forgiveness. Refinancing federal loans into a private loan permanently removes access to these federal programs. If you have stable income and good credit, refinancing high-rate loans can save thousands.

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