Student Loan Repayment Calculator
Find the optimal repayment strategy for your education debt
Disclaimer: This calculator provides estimates only. Loan terms and repayment options may change. Consult with your loan servicer for exact figures. Defaulting on student loans can have serious financial consequences.
Repayment Plan Analysis
Monthly Payment:
Total Interest Paid:
Total Amount Paid:
Payoff Date:
Potential Interest Savings:
Time Saved:
Debt-to-Income Ratio:
Recommended Plan:
Amortization Summary:
Repayment Strategy Recommendation:
Understanding Student Loan Repayment
Our Student Loan Repayment Calculator helps you navigate the complex world of education debt by providing personalized repayment projections based on your specific loan details and financial situation.
Federal vs. Private Student Loans
Federal student loans typically offer more flexible repayment options including income-driven plans and potential forgiveness programs. Private loans generally have fixed repayment terms but may offer lower interest rates for qualified borrowers.
Key Factors in Loan Repayment:
- Loan principal amount
- Interest rate type (fixed vs. variable)
- Repayment term length
- Your current income and expenses
- Potential for loan forgiveness programs
The Power of Extra Payments
Even small additional payments can significantly reduce your total interest costs and shorten your repayment period. Our calculator shows you exactly how much you can save by making extra payments toward your principal.
Frequently Asked Questions
What's the difference between standard and income-driven repayment?
Standard repayment plans have fixed monthly payments over 10 years, while income-driven plans adjust your payments based on your income and family size, typically extending your repayment term to 20-25 years but with potential forgiveness at the end.
Should I prioritize paying off student loans or investing?
This depends on your interest rates and risk tolerance. Generally, if your loan interest is higher than expected investment returns, prioritize repayment. For lower-rate loans, a balanced approach may be better.
Can I change my repayment plan later?
For federal loans, you can switch plans at any time. Private loans may have restrictions. Contact your loan servicer to discuss options if your financial situation changes.
How does loan forgiveness work?
Certain federal repayment plans offer forgiveness after 20-25 years of qualifying payments. Public Service Loan Forgiveness (PSLF) forgives remaining balances after 10 years of qualifying payments for eligible public service workers.
What happens if I can't make my payments?
Contact your loan servicer immediately. Federal loans offer deferment, forbearance, and income-driven options. Private lenders may offer temporary relief but options vary. Defaulting should be avoided as it has serious consequences.