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Student Loan Calculator - Payment & Payoff Calculator
Free student loan calculator. Calculate monthly payments, total interest, and see how extra payments speed up payoff. Plan your student debt strategy.
Student Loan Calculator
Calculate payments and plan your student loan payoff
Loan Payment Details
Enter your values to see results
and click the "Calculate" button
What is a Student Loan Calculator?
A student loan calculator helps you understand your monthly payments and total repayment cost. The average US student loan debt is $35,000. With standard 10-year repayment at 6.5%, that's $398/month and $12,700 in interest. This calculator shows your exact numbers and how extra payments can save thousands.
How to Use This Calculator
- Enter your total student loan balance
- Enter your interest rate
- Enter repayment term (10 years standard)
- Add extra monthly payment to see faster payoff
- Click Calculate to see payment details
Student Loan Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
M = Monthly payment, P = Principal balance, r = Monthly interest rate (annual/12), n = Number of monthly payments.
Frequently Asked Questions
What is the average student loan debt?
As of 2026, average student loan debt is about $35,000 for bachelor's degree holders. Graduate students often have $80,000+. Total US student debt exceeds $1.7 trillion.
What are federal student loan interest rates?
For 2025-2026: Undergraduate Direct Loans: ~6.5%. Graduate Direct Loans: ~8%. Parent PLUS Loans: ~9%. Private loan rates vary by credit (4-15%).
What repayment plans are available?
Standard (10 years), Graduated (lower to higher), Extended (25 years), Income-Driven (IBR, PAYE, SAVE). Income-driven plans cap payments at 10-20% of discretionary income.
Should I pay extra on student loans?
If interest rate is high (6%+), yes! Extra payments save thousands. If rate is low (3-4%), you might invest instead for higher returns. Always pay at least minimums.
What is Public Service Loan Forgiveness (PSLF)?
Work for government or nonprofit for 10 years (120 payments) while on income-driven plan, remaining balance is forgiven tax-free. Must have Direct Loans and qualifying employer.
Should I consolidate my student loans?
Federal consolidation simplifies payments but doesn't lower rates (weighted average). Private refinancing can lower rates if you have good credit, but you lose federal protections.
Can I deduct student loan interest on taxes?
Yes, up to $2,500 of student loan interest can be deducted. Phases out at higher incomes ($75K-$90K single, $155K-$185K married). Available even if you don't itemize.
What happens if I can't make payments?
Options: Deferment (temporary pause), Forbearance (temporary pause with accruing interest), Income-driven repayment (lower payments). Contact servicer BEFORE missing payments.
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