Student Loan Calculator
Calculate your student loan monthly payment and total repayment cost.
Check studentaid.gov for current federal rates
$398.13
monthly payment over 10 years
Total Repaid
$47,776
Total Interest
$12,776
Extended Plan Comparison (25 years)
Monthly Payment
$237.20
Extra Interest Paid
+$23,384
Formula
Calculates monthly payment using the standard amortization formula, then compares 10-year standard and 25-year extended repayment plans.
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Worked Example
You graduate with $30,000 in federal loans at 5.5% APR:
- Standard 10-year plan: $326/month, $9,069 total interest
- Extended 25-year plan: $184/month, $25,268 total interest
- Difference: $141/month lower but $16,199 more interest
Common Questions
Should I choose 10-year or 25-year repayment?
10-year pays off faster with less total interest but higher monthly payments. 25-year is easier on cash flow but costs significantly more. Choose based on your budget and income growth expectations.
What about income-driven repayment plans?
Income-driven plans cap payments at a share of your income, and the plan options changed under 2025 legislation — check studentaid.gov for what is available to you. This can lower your payment but extends the term to 20–25 years. They may also offer loan forgiveness, but tax implications apply.
Is it better to pay off student loans early?
Yes, usually. Extra payments reduce interest and shorten the term. However, federal loans have protections (forbearance, deferment) that private loans don't—weigh that before aggressively paying off.
Key Takeaways
- 10-year standard repayment saves thousands compared to 25-year extended—pay as much as you can afford in the first 10 years.
- Income-driven plans can be valuable if you expect significant income growth or face temporary hardship.
- Public Service Loan Forgiveness (PSLF) forgives remaining balance after 10 years if you work in qualifying public sector jobs—worth exploring if eligible.