Student Loan Repayment Calculator USA
Calculate your student loan payments and explore repayment options
Loan Information
Important Disclaimer
This calculator provides estimates based on the information you provide. Actual loan terms and payments may vary based on lender policies, credit history, and other factors. This tool is for educational purposes only and should not be considered financial advice. Consult with a financial advisor or loan servicer for personalized guidance.
Loan Repayment Analysis
Loan Details
Principal vs Interest Breakdown
Student loan debt in America has reached $1.77 trillion, affecting over 43 million borrowers.
The average graduate carries $37,000 in student loans, and many struggle to understand their repayment options or calculate true costs.
Our Student Loan Repayment Calculator helps you visualize different repayment strategies and discover how much you can save with extra payments.
Whether you’re planning for post-graduation or already in repayment, this tool shows your monthly payment, total interest costs, and how different repayment plans affect your financial future.
How to Use This Calculator
Step 1
- Enter your total loan amount.
- If you have multiple loans, add them together for a combined calculation, or calculate each separately to compare strategies.
- Check your loan servicer account (Nelnet, Mohela, Great Lakes, etc.) for exact balances.
Step 2
- Input your interest rate as shown on your loan documents.
- Federal undergraduate loans for 2025-26 are around 6.39%, graduate unsubsidized ~7.94%, and ~8.94% (rates fixed per disbursement year)
- Private loan rates vary widely from 3%-14% based on credit scores.
Step 3
- Select your desired loan term.
- Standard federal repayment is 10 years, but extended plans offer up to 25 years with lower monthly payments and higher total costs.
- Shorter terms mean higher payments but significant interest savings.
Step 4
- Add any extra monthly payment you can afford.
- Even $25-50 extra month can save thousands in interest and reduce repayment time by years.
- This amount goes directly toward the principal after covering the monthly interest.
Step 5
- Choose your repayment plan type and loan type.
- Federal loans offer income-driven plans with potential forgiveness, while private loans typically only offer standard or extended options without forgiveness benefits.
Pro Tip: Run multiple scenarios. Calculate your required payment first, then model adding $50, $100, and $200 extra monthly to see which acceleration strategy fits your budget while maximizing savings.
Common Mistake: Don’t ignore the total interest figure. A 25-year plan might feel affordable monthly, but you could pay double your original loan amount in interest—money that could fund retirement or home ownership instead.
2. Understanding Your Repayment Results
2.1. Monthly Payment Amount
This is what you’ll pay each month under your selected plan. Federal standard plans have fixed payments for 10 years, while graduated plans start lower and increase every two years.
Ensure this amount fits comfortably within your budget alongside other expenses.
2.2. Total Interest Paid
This reveals the true cost of borrowing.
On a $30,000 loan at 6% over 10 years, you’ll pay about $10,000 in interest, 33% more than the borrowed amount.
Extending to 20 years nearly doubles interest costs to $18,000. Every dollar of interest is money you’ll never see again.
2.3. Time Saved with Extra Payments
Small additional payments create dramatic time savings.
Adding just $100 monthly to a $30,000 loan can shorten repayment by 3-4 years.
This means freedom from debt obligations years earlier, allowing you to pursue other financial goals.
2.4. Interest Saved
Extra payments attack the principal balance, reducing the amount that accrues interest.
On large loans, an extra $100 monthly can save $5,000-10,000 in total interest. This is money you keep in your pocket instead of paying to lenders.
2.5. Principal vs Interest Breakdown
Early in repayment, most of your payment covers interest rather than reducing your balance. As time progresses, more goes toward principal.
Understanding this helps you see why extra payments early have the biggest impact—they reduce the principal that generates future interest charges.
3. Strategic Repayment Approaches
3.1. Avalanche Method for Multiple Loans
If you have several loans, pay minimums on all but attack the highest interest rate loan aggressively with extra payments.
Once that’s eliminated, roll its payment amount into the next highest rate loan.
This mathematically optimal approach saves the most money but requires discipline and patience to see results.
3.2. Refinancing Considerations
Refinancing federal loans to private loans can lower interest rates by 1-3%, potentially saving thousands.
However, you permanently lose federal protections like income-driven repayment, forbearance options, and potential forgiveness programs.
Only refinance if you have stable income, excellent credit (700+), and don’t need federal safety nets.
3.3. Public Service Loan Forgiveness Strategy
If working in government or qualifying nonprofit sectors, Public Service Loan Forgiveness forgives remaining federal loan balances after 120 qualifying payments (10 years).
Combine with income-driven repayment to minimize payments while working toward forgiveness.
Verify employment annually and never refinance these federal loans to private lenders.
3.4. The 50/30/20 Budget Rule
Financial experts recommend spending no more than 10-15% of gross income on student loan payments.
If your calculated payment exceeds this, consider income-driven plans or extended repayment.
Simultaneously, allocate extra income strategically—build a 3-6 month emergency fund before aggressively paying extra on loans.
4. Choosing the Right Repayment Plan
4.1. Standard Repayment is best if you can afford the payments and want to save the maximum money. You’ll repay the fastest with the lowest total interest.
Most borrowers should aim for this plan if financially feasible, as it represents the most cost-effective option.
4.2. Graduated Repayment works for early-career professionals expecting salary increases.
Payments start 40-50% lower than standard but double every two years.
This creates manageable early payments but requires confidence in income growth. Total interest paid exceeds standard repayment.
4.3. Extended Repayment reduces the monthly burden by stretching payments up to 25 years, but dramatically increases the total cost.
Only consider if struggling financially and need immediate relief.
A $30,000 loan costs $10,000-12,000 more in interest versus standard repayment. Refinance to shorter terms once income improves.
4.4. Income-Driven Repayment bases payments on discretionary income (10-20% depending on plan) rather than loan balance.
After 20-25 years, remaining balances are forgiven, though forgiven amounts may be taxable.
Essential for high debt-to-income ratios or pursuing Public Service Loan Forgiveness. Monthly payments can be as low as $0 for low earners.
Frequently Asked Questions
Should I pay extra on student loans or save money first?
Build a $1,000 emergency fund before making extra loan payments.
Once established, split extra income: 50% toward loans, 50% toward growing your emergency fund to 3-6 months of expenses.
Without savings, unexpected costs force you into high-interest credit card debt, undermining your loan progress.
Is it better to pay off student loans quickly or invest?
If loan interest rates exceed 5-6%, prioritize repayment over investing.
If rates are below 4%, consider splitting extra money between loans and retirement accounts, especially if your employer matches 401(k) contributions.
Never skip employer matches—that’s free money with immediate 100% returns.
Can I change repayment plans after starting payments?
Yes, federal loan borrowers can switch repayment plans anytime by contacting their loan servicer.
Changes typically take 2-4 weeks to process. Private loans have less flexibility—contact your lender to discuss options, but expect limited choices and potential fees for modifications.
Should I refinance my federal student loans?
Only refinance federal loans if you have excellent credit (720+), a stable, high income, and definitely won’t need federal protections like income-driven repayment or forgiveness programs.
Refinancing converts federal loans to private loans permanently, eliminating all federal benefits. However, you might lower interest rates by 1-3%, saving thousands if you’re certain about repayment ability.
Tool Maintained By: Florida School Age Calculator Team