Need context? Read our debt and loan payoff guide for assumptions and strategy.
Read the guide| Plan | Monthly | Interest | Total |
|---|
Student loan repayment guide
Use this calculator to model fixed-payment scenarios and see how extra payments affect payoff time. Results assume a stable interest rate and consistent payments.
Loan type matters
Federal and private loans have different protections, repayment options, and eligibility rules.
Repayment term
Longer terms lower monthly payments but increase total interest paid over time.
Extra payments
Additional principal payments can shorten the schedule and reduce interest costs.
What this calculator assumes
- A fixed interest rate and consistent monthly payments.
- No deferment, forbearance, or forgiveness applied.
- Extra payments go directly toward principal.
Ways to lower total cost
- Pay more than the minimum when your budget allows.
- Enroll in autopay if your servicer offers a discount.
- Consider refinancing only after evaluating federal benefits.
- Use windfalls to reduce principal faster.
Questions to consider
- Are you eligible for income-driven repayment or forgiveness programs?
- Do you expect your income to change materially over the next few years?
- Is your emergency fund strong enough to handle surprises?
Student loan calculator FAQ
Should I refinance my student loans?
Refinancing can lower your interest rate, but it may remove federal protections like income-driven repayment or forgiveness eligibility. Compare total cost and benefits before refinancing.
What are income-driven repayment plans?
Income-driven plans set payments based on income and family size and may offer forgiveness after a qualifying period. Rules and eligibility vary.
How does public service loan forgiveness work?
Public service forgiveness can forgive remaining federal balances after qualifying employment and payments. Eligibility rules are specific, so confirm details with your loan servicer.
Is student loan interest tax-deductible?
In many cases, student loan interest can be deductible subject to income limits and IRS rules. Check current guidance for eligibility.