Student Loan Calculator
Calculate your student loan monthly payment, total interest paid, and payoff date — including grace period interest and an income-based repayment estimate.
The Student Loan Calculator is a free online tool designed to help you calculate and analyze calculate your student loan monthly payment, total interest, and payoff date. Planning details accurately is crucial for making smart personal or financial decisions, and this calculator provides instant clarity with downloadable PDF reports.
This tool is built to benefit students and graduates estimating monthly payments, repayment terms, and total interest for federal or private student loans. By checking the impact of extra payments, you can plan to pay off student debt faster. By evaluating these key calculations, you can determine exactly how different inputs affect your results and align them with your direct planning requirements.
Before using this tool, make sure you have your details ready, such as your loan balance, annual interest rate, repayment term (in years), and extra monthly payment. This ensures the most accurate calculations.
Optional. Used to estimate Income-Based Repayment (IBR).
How to Use the Student Loan Calculator
- 1
Enter your total student loan balance and the annual interest rate. Federal undergraduate loan rates for 2026 are 6.53% and graduate loan rates are 8.08%. Check your loan servicer account for your exact rate.
- 2
Select your repayment term. The standard federal plan is 10 years. Longer terms lower your monthly payment but significantly increase total interest paid as shown in the comparison table.
- 3
Enter your grace period. Federal student loans have a standard 6-month grace period after graduation during which interest continues to accrue. Enter your annual income to see your estimated Income-Based Repayment payment.
- 4
Click Calculate to see your full payment breakdown, repayment term comparison, and complete amortization schedule. Download the free PDF to keep as a reference.
Example Calculation
Scenario: A graduate has $35,000 in student loans with an average interest rate of 5.5% on a standard 10-year repayment term, adding $100 extra monthly.
- Input: Student Loan Balance = $35,000
- Input: Interest Rate = 5.50%
- Input: Repayment Term = 10 Years
- Input: Extra Monthly Payment = $100
Result: The base monthly payment is $379.99. With the extra $100 monthly (total $479.99/month), the loan is paid off in 7.3 years instead of 10, saving $3,040 in interest.
Download the PDF report to save your student loan repayment schedule. Regular tracking allows you to model income-driven repayment options or refinancing savings.
Frequently Asked Questions
What is the difference between federal and private student loans?
Federal loans are funded by the government and offer benefits like income-driven repayment, deferment, and forgiveness programs. Private loans are funded by banks or online lenders, have rates based on credit score, and lack federal protections.
What is an Income-Driven Repayment (IDR) plan?
An IDR plan sets your monthly federal student loan payment based on your income and family size, usually capped at 10-15% of discretionary income. Remaining balances may be forgiven after 20 or 25 years.
How does Public Service Loan Forgiveness (PSLF) work?
PSLF forgives the remaining balance on federal Direct Loans after you make 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying government or non-profit employer.
Is student loan interest tax-dedible?
Yes, you can deduct up to $2,500 of student loan interest paid each year on your federal tax return, even if you take the standard deduction, subject to income phase-outs.
Should I refinance my student loans?
Refinancing private student loans can lower your interest rate if your credit has improved. However, refinancing federal loans into a private loan means giving up all federal benefits, forgiveness programs, and flexible repayment plans.
Can I download my student loan payoff projections?
Yes, clicking the download button generates a clean PDF report containing your monthly payments, interest totals, and payoff acceleration schedule.
Disclaimer: This report is generated for informational purposes only. TheCalcTool is not a licensed financial legal or tax advisor. Student loan calculations are estimates based on the inputs provided assuming a fixed interest rate. Federal student loan rates and income-based repayment plans are subject to change by federal legislation. IBR estimates use 10% of discretionary income based on 150% of the 2026 federal poverty line for a single person. Actual payments under federal repayment plans depend on family size income and the specific plan chosen. Please consult the Federal Student Aid website at studentaid.gov or a qualified financial advisor for personalized guidance.