Student Loan Calculator 2026: Monthly Payment & Payoff Date
Student Loan Monthly Payment Formula
n = total number of payments (years × 12)
Real Example — $38,000 at 6.52% for 10 years
M = 38,000 × [0.005433 × (1.005433)¹²⁰] ÷ [(1.005433)¹²⁰ − 1]
M = $431.87/month
Total paid = $51,824 | Total interest = $13,824
Calculate Your Student Loan Payment
Monthly payment, total interest, payoff date and extra payment impact — all with sliders.
Open Student Loan Calculator →2026 Federal Student Loan Interest Rates
| Loan Type | Who It's For | 2026-27 Rate |
|---|---|---|
| Direct Subsidized Loans | Undergrad with financial need | 6.52% |
| Direct Unsubsidized Loans | Undergrad (all students) | 6.52% |
| Direct Unsubsidized Loans | Graduate / Professional | 8.07% |
| Direct PLUS Loans | Parents & Grad students | 9.07% |
| Private Student Loans | Any student (credit-based) | 4–15% (varies) |
How Extra Payments Dramatically Cut Your Debt
On the standard $38,290 federal loan at 6.52% with a 10-year term ($432/month):
| Extra Monthly Payment | Payoff Time | Interest Saved | New Total Interest |
|---|---|---|---|
| $0 (standard) | 10 years | — | $13,650 |
| $50 extra | 9.1 years | $1,680 saved | $11,970 |
| $100 extra | 8.3 years | $3,020 saved | $10,630 |
| $200 extra | 7.0 years | $4,990 saved | $8,660 |
| $500 extra | 4.8 years | $7,920 saved | $5,730 |
Adding just $100/month extra to a standard student loan payment saves over $3,500 in interest and cuts repayment by more than 2 years. That's a guaranteed 6.52% return on every extra dollar — better than most savings accounts. Every federal loan has no prepayment penalty, so there's no downside to paying extra.
Federal Repayment Plans Compared
| Plan | Term | Payment | Best For |
|---|---|---|---|
| Standard | 10 years | Fixed $430/mo | Lowest total interest, fastest payoff |
| Graduated | 10 years | Starts low, increases | Those expecting income growth |
| Extended | 25 years | Lower monthly | Those needing lower payments now |
| SAVE (income-driven) | 20–25 years | 5% discretionary income | Low income, forgiveness eligible |
| IBR | 20–25 years | 10–15% discretionary | Financial hardship |
| PSLF | 10 years | Income-driven | Govt/nonprofit employees — forgiveness |
Income-driven repayment plans lower your monthly payment but dramatically increase total interest paid. Extending a $38,000 loan from 10 to 25 years reduces monthly payments by $200+ but adds $20,000–$30,000 in total interest. Only choose income-driven plans if you're pursuing forgiveness (PSLF) or facing genuine financial hardship — not just to free up cash flow for discretionary spending.
Income-Driven Repayment (IDR) & Forgiveness
Income-driven repayment plans work on a simple idea: instead of a fixed monthly payment based on your loan balance, your payment is calculated as a percentage of your "discretionary income" — roughly, the amount your income exceeds a poverty-line threshold based on your family size and state. If your income is low relative to your debt, your IDR payment can be far smaller than a standard 10-year payment, and it adjusts up or down each year as you recertify your income.
The trade-off is time and interest. Because IDR payments are often smaller than the interest accruing on the loan, the balance can grow even while you're making payments. In exchange, federal IDR plans include a forgiveness feature: after making qualifying payments for a set number of years — generally somewhere in the 20 to 25 year range depending on the specific plan and whether the loans were for undergraduate or graduate study — any remaining balance is forgiven.
The specific IDR plans available, their exact discretionary-income percentages, and their forgiveness timelines have changed multiple times over the years (and have been subject to ongoing legal and legislative changes). Rather than rely on any specific numbers here, confirm the current plans, percentages, and forgiveness timelines that apply to your loans directly at studentaid.gov before making a repayment decision.
Is Forgiven Debt Taxable?
Whether a balance forgiven under an IDR plan counts as taxable income depends on the specific plan and the tax year in which forgiveness occurs — federal tax treatment of IDR forgiveness has changed over time and can differ from the tax treatment of Public Service Loan Forgiveness (PSLF), which has generally been tax-free. Because a forgiven balance could translate into a real tax bill in the year it's discharged, it's worth planning ahead rather than assuming forgiveness is entirely free. Check the current federal (and your state's) tax treatment at studentaid.gov or with a tax professional before you're close to your forgiveness date.
Average Student Debt by Degree Type — 2026
| Degree | Average Debt | Standard Monthly Payment | Total Interest (10yr) |
|---|---|---|---|
| Associate's Degree | $15,300 | $172/mo | $5,340 |
| Bachelor's Degree | $29,400 | $332/mo | $10,440 |
| Master's Degree | $52,000 | $587/mo | $22,440 |
| Law Degree (JD) | $130,000 | $1,468/mo | $56,160 |
| Medical Degree (MD) | $202,000 | $2,280/mo | $87,300 |
5 Fastest Ways to Pay Off Student Loans
- Pay extra on principal every month — Even $50–$100 extra cuts years off repayment. Make sure extra payments are applied to principal, not future payments.
- Apply windfalls directly to loans — Tax refunds, bonuses and gifts applied directly to principal give you a guaranteed return equal to your interest rate.
- Refinance to a lower rate — If your credit score has improved since graduation, refinancing private loans to a lower rate can save thousands. Be careful refinancing federal loans — you lose income-driven repayment and forgiveness options.
- Biweekly payments — Pay half your monthly payment every two weeks. This results in 26 half-payments = 13 full payments per year instead of 12. One extra payment per year adds up significantly over time.
- Use the avalanche method — If you have multiple loans, attack the highest-rate loan first (often PLUS loans at 9.07%) while paying minimums on others.