Student Loan Calculator
Calculate your monthly student loan payment, total interest cost, and compare different repayment plans. Whether you have federal or private loans, this calculator helps you plan your repayment strategy.
How to Use This Calculator
- Enter your total Loan Amount (combine all federal and private loans if needed).
- Input the Interest Rate (weighted average if you have multiple loans).
- Select a Loan Term (standard federal repayment is 10 years).
- Click Calculate to see your monthly payment and compare repayment plans.
Formula
Where M = monthly payment, P = loan principal, r = monthly interest rate (annual rate / 12), and n = total number of months. For income-driven plans, the formula adjusts payments based on discretionary income.
Examples
Frequently Asked Questions
Should I refinance my student loans?
Refinancing can lower your interest rate and monthly payment, but refinancing federal loans into a private loan means losing federal protections like income-driven repayment, deferment, and potential forgiveness programs. Only refinance federal loans if you won't need these protections and can get a significantly lower rate.
Can I deduct student loan interest on my taxes?
Yes. You can deduct up to $2,500 of student loan interest paid per year, subject to income limits. This is an above-the-line deduction, meaning you don't need to itemize. For 2025, the deduction phases out for modified AGI between $80,000 and $95,000 (single) or $165,000 and $195,000 (married filing jointly).
How can I pay off student loans faster?
Strategies include: making bi-weekly payments (26 half-payments per year = 13 full payments), rounding up to the nearest $50 or $100, directing any windfalls (tax refunds, bonuses) to your loan, and refinancing to a lower rate if eligible. Even $25–$50 extra per month makes a meaningful difference.
What is the difference between subsidized and unsubsidized loans?
With subsidized federal loans, the government pays the interest while you're in school at least half-time and during deferment. With unsubsidized loans, interest accrues from the date of disbursement. Paying unsubsidized loan interest while in school can save you from capitalized interest adding to your balance.