Student Loan Calculator
Calculate your student loan payments and compare repayment plans. See how different strategies affect your total cost and payoff timeline.
Formula:PMT = P × r(1+r)^n / ((1+r)^n - 1)
Student Loan Summary
Monthly Payment
$398
Fixed payment
Total Interest
$12,754
Total Payment$47,754
Payoff DateApr 2036
Loan Term10 years
Loan Details
Your student loan information
$
5,000150,000
%
2024-25 Federal Rates
Plan Comparison
| Plan | Monthly | Total Interest | Total Paid |
|---|---|---|---|
| Standard (10yr) | $398 | $12,754 | $47,754 |
| Graduated | $210* | $20,071 | $33,901 |
| Extended (25yr) | $237 | $36,094 | $71,094 |
*Starting payment, increases over time
Balance Over Time
Extra Payment Impact
+$50/month
Save ~$2,051 in interest
1y 5m faster
+$100/month
Save ~$3,523 in interest
2y 7m faster
+$200/month
Save ~$5,501 in interest
4y 1m faster
+$500/month
Save ~$8,310 in interest
6y 4m faster
Debt Freedom Journey
7.3% complete
$2,566
of $35,000
25% Paid
$8,750
Quarter of the way there!
Halfway
$17,500
Half your debt is gone!
75% Paid
$26,250
The finish line is in sight!
Debt Free!
$35,000
Congratulations!
$6,184 to 25% Paid
Quarter of the way there!
$8,750
Next milestone
25% Paid
$8,750
Halfway
$17,500
75% Paid
$26,250
Debt Free!
$35,000
What if you refinanced to a lower rate?
See how a lower interest rate could save you money
3%6.53%12%
Total Interest
$12,754+$0
Personalized Insights
4 insights based on your inputs
Optimal Repayment Plan
The standard 10-year plan minimizes total interest paid. You'll pay $12,754 in interest over the loan term.
Consider PSLF
With $35,000 in loans, if you work in public service, Public Service Loan Forgiveness could save you tens of thousands. Requires 120 qualifying payments on an income-driven plan.
Refinancing Opportunity
At 6.53% APR, refinancing to a lower rate could save you significantly. Current private refinance rates for good credit start around 4-5%. Note: refinancing federal loans loses federal protections.
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Student Loan Summary
Monthly Payment
$398
Fixed payment
Total Interest
$12,754
Total Payment$47,754
Payoff DateApr 2036
Loan Term10 years
Frequently Asked Questions
Federal student loans offer Standard (10 years, fixed payments), Graduated (starts low, increases every 2 years), Extended (up to 25 years for balances over $30K), and Income-Driven plans (payments based on income, 20-25 year forgiveness). Private loans typically offer fewer options.
For 2024-2025, federal undergraduate Direct Loans have a 6.53% rate. Graduate Direct Loans are 8.08%. Parent/Grad PLUS loans are 9.08%. Rates are set annually on July 1st. Private loan rates vary by lender and credit score, ranging from 3% to 15%+.
Federal loan consolidation simplifies payments but may increase total interest (weighted average rounded up). You may lose benefits like interest subsidies or forgiveness progress. Private refinancing can lower rates if you have good credit but converts federal loans to private, losing federal protections.
PSLF forgives remaining federal Direct Loan balance after 120 qualifying payments (10 years) while working full-time for government or nonprofits. Must be on an income-driven plan. The forgiven amount is tax-free. Apply through StudentAid.gov.
Make extra payments toward principal. Pay biweekly instead of monthly (26 half-payments = 13 full payments/year). Refinance to lower rate if you have good credit. Use windfalls (tax refunds, bonuses) for lump sum payments. Consider employer repayment programs.
How this works
Calculations are run entirely in your browser. No inputs are sent to our servers and no account is required. Formulas follow standard US definitions from the IRS and the CFPB where applicable; international users should confirm local tax and regulatory rules apply.
What this tool can’t do
When to consult a professional
This is a software engineering tool, not financial advice. Run the math here, then take the result to a certified financial planner, CPA, or your bank before making a decision that materially affects your money.
Sources
- [1]Consumer Financial Protection Bureau (CFPB)Official sourceconsumerfinance.govAccessed Apr 21, 2026
US consumer finance regulator; authoritative on mortgage disclosures, APR rules, credit cards.
Joseph OrdunaFounder & Software Engineer
Full-stack software engineer specializing in embedded systems, web architecture, and AI/ML. Founder of Practical Web Tools. Built the gesture-controlled drone IP acquired by KD Interactive (Aura Drone, sold on Amazon).
Student Loan Summary
Monthly Payment
$398
Fixed payment
Total Interest
$12,754
Total Payment$47,754
Payoff DateApr 2036
Loan Term10 years