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Use our free student loan calculator to estimate your monthly student loan payment under the various student loan repayment plans: standard, graduated, extended, IBR, PAYE, SAVE and ICR.
To use the student loan calculator, you'll need to have some basic information about your loan(s) – including interest rate and payment amounts. Take the total of all your loans and the average interest rate. Or you can tackle each loan individually. Then the student loan calculator will do the rest!
*This calculator has been updated to reflect the latest SAVE repayment plan calculations starting in 2024.
What you need to know about our student loan calculator
As you plan the details of repaying your student loan, there are a few things you absolutely need to know.
Loan amounts
You need to know your student loan balance to use the calculator properly. For this calculator, you should either combine all of your loans into one amount or calculate each loan individually. We recommend calculating each loan individually, which can then help you determine the best method for paying off debt – either the debt snowball or the debt avalanche.
Loan term
In addition to the loan amount, the remaining term of your loan also plays a big role in how much your monthly payments will be. The standard repayment plan for government loans is 10 years, but if you choose a different student loan repayment plan, your loan term can be longer (up to 25 years).
However, if you have been repaying your student loan for several years, the term of your loan may be shorter.
This calculator assumes the entire loan term, so if you've been in repayment for some time, your numbers may be different for the Standard Plan, Extended Plan, and Graduated Plan.
interest rate
Many people worry about the interest rate on their student loan—and it does matter a lot (especially with private student loans). But it matters a lot less with government loans.
In fact, interest rates on newer loans can be as low as 2%, while interest rates on loans that are a few years old are still around 6%. Older loans can be as high as 8-10%. These loans may be more amenable to refinancing, unless you want to apply for student loan forgiveness.
Related: How important is the interest rate on your student loan really?
Repayment plan options
The calculator output will show you the different monthly payments under different repayment plans. These are the plans: Standard 10 Year, Graduated, Extended, IBR, PAYE, SAVE and ICR.
Important note about SAVE: SAVE is currently blocked by the courts. Borrowers who participate in the SAVE plan are currently in an administrative forbearance. However, we assume that SAVE will be allowed to continue at least with regard to monthly payments.
Does refinancing a student loan make sense?
Refinancing a student loan can make sense for some borrowers, especially those with private student loans. If you have federal student loans, refinancing usually only makes sense if you are NOT taking advantage of debt forgiveness and plan to pay off your loan within 5 years.
Remember, you'll get the best interest rate on a short-term (5 years or less) variable student loan. Typically, the longer the loan, the higher the interest rate will be. It may not even be much better than your current loans.
Here you can compare options for refinancing your student loan.
Other factors to consider
When it comes to student loans (especially government loans), it's important to remember that repayment is not the only factor to consider.
With government loans in particular, there are many support options that can be very useful. These include the ability to get student loan forgiveness, hardship deferment options, and income-based repayment plans. These benefits are probably worth more than a little extra interest.
However, with private student loans, you usually don't have any of these options available to you. In this case, the interest rate and term of the student loan are the most important factors.
If you're considering refinancing your student loans, your credit score and debt-to-income ratio play a big role in getting the best interest rate. Check your credit score before you apply so you know what to expect.
More stories:
How 16 Real People Paid Off Their Student Loan Debt Debt Avalanche vs. Debt Mountain: Which Debt Payoff Method Is Best? Budgeting Strategies: 50/30/20 vs. Zero-Based vs. Pay Yourself First
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