Student Loan Calculator
Calculate your monthly student loan payments and see how much you will pay in total interest. Adjust the loan balance, interest rate, and repayment term to compare options.
Monthly Payment
$379.84
$10,580.80 total interest over 10 years
| Breakdown | Amount |
|---|---|
| Loan Balance | $35,000.00 |
| Interest Rate | 5.5% |
| Repayment Plan | 10-year Standard |
| Monthly Payment | $379.84 |
| Total Paid | $45,580.80 |
| Total Interest | $10,580.80 |
How Student Loan Repayment Works
Federal student loans offer several repayment plans. The Standard 10-year plan has the highest monthly payments but the lowest total cost. Income-driven plans lower your monthly payment but extend the term and increase total interest paid.
Example: $35,000 at 5.5% for 10 years
Monthly payment: $379.71. Total paid: $45,565. Total interest: $10,565. If you extend to 20 years, your monthly payment drops to $241 but total interest jumps to $22,838.
Frequently Asked Questions
What is the standard repayment plan?
The Standard Repayment Plan has fixed monthly payments over 10 years. This is the default plan and results in the least total interest paid.
What is an income-driven repayment plan?
IDR plans (SAVE, PAYE, IBR) cap your monthly payment at a percentage of your discretionary income. Remaining balances are forgiven after 20-25 years. Monthly payments are lower but you pay more total interest.
What is the average student loan interest rate?
For the 2024-2025 school year, federal undergraduate loan rates are approximately 6.53%. Graduate rates are higher at about 8.08%. Private loan rates vary widely by lender and creditworthiness.
Can I deduct student loan interest on my taxes?
Yes. You can deduct up to $2,500 of student loan interest per year on your federal tax return, even if you do not itemize. The deduction phases out at higher income levels.
Should I pay off student loans early?
It depends on your interest rate, other debts, and financial goals. If your rate is above 6-7%, paying extra usually makes sense. If your rate is low and you are on an IDR plan heading toward forgiveness, overpaying may cost you more.
Important Disclaimer
The figures provided by this calculator are estimates based on the information you enter and published rates at the time of writing. They do not constitute financial, tax, or legal advice, and we accept no liability for decisions made on the basis of these estimates. Your actual liability may differ depending on your individual circumstances, applicable reliefs, and any changes to rates or legislation. Always consult a qualified professional or check the latest IRS guidance at irs.gov before making financial decisions.
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