Student Loan Calculator
Calculate monthly payments and explore repayment options for student loans with detailed analysis.
Loan Information
Loan Type
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About Standard Repayment
Fixed monthly payments over a 10-year term. Pays off the loan in the shortest time with the least interest.
Eligibility: Available for all federal student loans
Loan Payment Summary
Federal Student Loan
Monthly Payment
$0.00Loan amount$30,000.00
Interest rate5.00%
Loan term10 years
Total interest$0.00
Total payment$0.00
Student Loan Repayment Tips
Pay more than the minimum when possible. Even small extra payments can significantly reduce the total interest paid.
Consider refinancing if you qualify for a lower interest rate. Private refinancing may not be ideal if you want federal loan benefits.
For federal loans, research Public Service Loan Forgiveness and income-driven repayment options if you qualify.
About Student Loans
Federal vs. Private Student Loans
Federal Student Loans
Fixed interest rates set by Congress
Income-driven repayment plans available
Loan forgiveness options
Deferment and forbearance options
No credit check for most loans
Private Student Loans
Interest rates based on credit score & market
Fixed or variable rate options
Typically requires good credit or cosigner
Limited repayment flexibility
May offer lower rates for excellent credit
Frequently Asked Questions
What's the difference between subsidized and unsubsidized federal loans?
Subsidized loans don't accrue interest while you're in school or during deferment periods. Unsubsidized loans start accruing interest as soon as they're disbursed. Subsidized loans are need-based, while unsubsidized are available regardless of financial need.
Should I refinance my federal student loans?
Refinancing federal loans with a private lender may lower your interest rate if you have good credit, but you'll lose federal benefits like income-driven repayment plans and loan forgiveness options. It's generally not recommended unless you're certain you won't need these benefits.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives the remaining balance on federal Direct Loans after 120 qualifying monthly payments while working full-time for qualifying employers (government agencies or non-profit organizations). You must be on an income-driven repayment plan to qualify.
Understanding Student Loans: A Complete Guide
Student loans represent a significant financial commitment that can impact your finances for decades after graduation. Understanding the nuances of different loan options, repayment strategies, and forgiveness programs can save you thousands of dollars over the life of your loans.
Federal vs. Private Student Loans: Key Differences
| Feature | Federal Loans | Private Loans |
|---|---|---|
| Interest Rates | Fixed rates set by Congress | Variable or fixed rates based on credit |
| Repayment Plans | Multiple options including income-driven plans | Limited options, typically fixed payments |
| Loan Forgiveness | Multiple programs available (PSLF, Teacher, IDR) | Generally not available |
| Deferment/Forbearance | Multiple options with clear guidelines | Limited options at lender discretion |
| Credit Check | Not required for most loans | Required, often need cosigner |
| Subsidy Options | Subsidized loans available (gov. pays interest during certain periods) | No subsidy options |
Student Loan Repayment Strategies
Debt Avalanche Method
Pay minimum on all loans, then direct extra payments to highest interest rate loan first.
Best for:
Minimizing total interest paid and getting out of debt as quickly as possible.
You could save: $1,000-$3,000+ in interest (varies by loan amount)
Debt Snowball Method
Pay minimum on all loans, then direct extra payments to smallest balance loan first.
Best for:
Building motivation through small wins and simplifying finances by reducing number of loans.
Psychological benefit: Higher completion rate than other methods
Income-Driven Repayment
Payments capped at percentage of discretionary income with forgiveness after 20-25 years.
Best for:
Lower-income borrowers, public service workers, those with high debt relative to income.
Note: Forgiven amount may be taxable income (except PSLF)
Refinancing
Replace multiple loans with a single private loan at a lower interest rate.
Best for:
Borrowers with stable income, good credit scores, and no need for federal loan benefits.
Warning: Lose all federal benefits if refinancing federal loans
Student Loan Forgiveness Programs
Public Service Loan Forgiveness (PSLF)
- For full-time employees of government or non-profit organizations
- Requires 120 qualifying monthly payments (10 years)
- Must be on an income-driven repayment plan
- Forgiven amount is not taxable
- Submit Employment Certification Form annually to track progress
Teacher Loan Forgiveness
- For full-time teachers in low-income schools for 5 consecutive years
- Up to $17,500 forgiveness for math, science, and special education teachers
- Up to $5,000 for other qualifying teachers
- Only applies to Direct and FFEL loans
Income-Driven Repayment Forgiveness
- Available on all income-driven plans (IBR, PAYE, REPAYE, ICR)
- Remaining balance forgiven after 20-25 years of qualifying payments
- Forgiven amount is currently considered taxable income
- Must recertify income and family size annually