Student Loan Calculator

The calculator uses your input for loan amount, interest rate, loan term, and repayment plan type to compute your monthly payment. For standard repayment, it uses the typical EMI formula. For graduated plans, payments start lower and increase over time. Income-driven estimates are modeled based on lower initial payments adjusted to a hypothetical income. The calculations are illustrative and give you a solid estimate of what you might pay under each option.

• Standard Repayment: Fixed payments for the duration of the loan term (e.g., 10 years).

• Graduated Repayment: Lower initial payments that increase every two years. Ideal for borrowers expecting higher future income.

• Income-Driven Repayment (IDR): Monthly payments are based on your income and family size. Payments are typically lower than standard but may result in more total interest paid over time. This calculator gives rough IDR estimates assuming a hypothetical income level.

Yes, you can use this calculator for both. Just enter the appropriate interest rate and loan term. Federal student loans often have lower fixed rates and multiple repayment options. Private student loans can have variable or fixed rates, so be sure to enter the correct values. The calculator helps you compare both types in terms of affordability.

The estimates are accurate for planning purposes but may not include all real-life variables like origination fees, deferment periods, or changes in income (for IDR). It’s meant to provide a good starting point, not a final repayment plan. Always confirm details with your loan servicer.

Choosing a loan term depends on your financial goals. A shorter term (e.g., 10 years) means higher monthly payments but lower interest overall. A longer term (e.g., 25 years) lowers your monthly burden but increases total interest. Use the calculator to compare and choose what best fits your income and future plans.

Paying more than the required monthly payment helps reduce your principal faster, saving you money on interest. This calculator assumes fixed monthly payments, but you can simulate different loan amounts or terms to estimate the impact of extra payments.

Interest accrues daily based on the loan’s annual interest rate. During school or grace periods, subsidized federal loans don’t accrue interest; however, unsubsidized and most private loans do. This calculator assumes interest starts accruing from day one, which is common in real-world loans.

No, the calculator does not factor in grace periods or deferment. It’s based on immediate repayment starting after loan disbursement. If your loan has a grace period, you won’t make payments during that time, but interest may still accrue (depending on the loan type).

This is the total amount you’ll repay over the full term, including both principal and interest. It gives you a clear view of how much more you’ll pay beyond the original borrowed amount. Comparing this across plans can help minimize costs.

Total Interest is the extra amount you’ll pay in addition to your loan principal. It reflects the cost of borrowing money. A longer loan term or higher interest rate will increase this number. This helps you make more cost-conscious decisions.

Yes! While it doesn’t track forgiveness eligibility, it can show how income-driven repayment affects monthly payments — a key part of Public Service Loan Forgiveness (PSLF) planning. Lower payments under IDR over 10 years of qualifying work may lead to substantial forgiveness.