Student Loan Calculator
Calculate your monthly payment, total interest and payoff date. See how extra payments save you thousands.
Student Loan Calculator — Repayment Plans, Interest & Forgiveness
Student loans are one of the most significant financial decisions young adults make — often without fully understanding the long-term cost. A $50,000 federal loan at 6.5% on the standard 10-year plan costs $13,700 in interest and $568/month. The same loan on a 25-year extended plan drops to $338/month — but costs $51,400 in interest, more than the original loan itself. This calculator helps you see the full picture across every repayment option before you commit.
Federal vs Private Student Loans
Federal loans come with income-driven repayment plans, deferment options, forbearance, and forgiveness programs — protections that private loans generally do not offer. Always exhaust federal loan eligibility (FAFSA) before taking private loans. Private loans may offer lower rates for borrowers with excellent credit, but lack the safety net features. Never refinance federal loans into private loans unless you're certain you won't need income-driven repayment or forgiveness.
Income-Driven Repayment Plans
Federal income-driven plans cap payments at 5–20% of discretionary income. SAVE (Saving on a Valuable Education), IBR (Income-Based Repayment), PAYE, and ICR are the main options. On SAVE, undergraduate loan payments are capped at 5% of discretionary income — a borrower earning $40,000 with $30,000 in loans might pay as little as $80–$100/month. Any remaining balance is forgiven after 20–25 years (10 years if working in public service under PSLF).
Should You Pay Off Student Loans Early?
The answer depends on your interest rate and alternatives. Federal loans at 4–5% — you may be better off investing extra money in a Roth IRA or 401(k) where returns historically outpace that rate. Private loans at 7–10% — pay these off aggressively. The "refinance vs pay off" decision hinges on rate, loan type, and whether you might qualify for forgiveness. Use this calculator to compare the total cost of different payoff timelines side by side.
Medical School Loan Example — Estimating Payments on $250,000+ in Debt
Medical school debt is in a different league from typical undergraduate loans — the median med school graduate carries around $200,000–$250,000, and some carry well over $300,000 once undergraduate debt is included. To estimate a realistic payment: a $250,000 balance at 7% on a standard 10-year plan runs about $2,904/month and $98,500 in total interest. Most residents can't afford that on a resident's salary, which is why income-driven repayment (PAYE or SAVE) or the PSLF path (10 years of payments while working at a nonprofit hospital or academic medical center) are the default strategy for most new physicians rather than the standard plan.
Enter your actual balance, rate, and term above to get a real estimate rather than relying on general figures — a few points of interest rate or a longer repayment term meaningfully changes the monthly payment and total interest on debt this size.