Student Loan Calculator

On a standard 10-year federal repayment plan at a 6.5% interest rate, a $100,000 student loan costs roughly $1,136 per month. Your exact payment depends on your interest rate and chosen repayment term. Use the calculator above to enter your specific loan details and see a precise monthly payment and full amortization schedule.

A $70,000 student loan on a standard 10-year plan at approximately 6.5% interest results in a monthly payment of around $795. Extending the repayment term lowers the monthly amount but increases total interest paid over time. Enter your loan balance, rate, and term in the calculator to compare options side by side.

Under the standard federal 10-year repayment plan, $40,000 in student loans is paid off in 120 monthly payments. If you enroll in an income-driven repayment (IDR) plan, the repayment period can extend to 20 or 25 years, with any remaining balance potentially forgiven. Extra payments applied to principal can significantly shorten your payoff timeline.

A $50,000 student loan on a standard 10-year plan at 6.5% interest carries a monthly payment of about $568. Income-driven plans like IBR or SAVE may lower that payment based on your discretionary income. Use this calculator to model your exact payment across different repayment plans and see total interest costs for each.

Income-Driven Repayment (IDR) is an umbrella term covering several federal plans—including Income-Based Repayment (IBR), SAVE, PAYE, and ICR—that cap your monthly payment at a percentage of your discretionary income. IBR specifically caps payments at 10–15% of discretionary income depending on when you borrowed. All IDR plans offer loan forgiveness after 20–25 years of qualifying payments.

Federal student loan interest accrues daily based on your outstanding principal balance. The daily interest is calculated as: (Principal x Annual Interest Rate) / 365. Each monthly payment first covers the accrued interest, and any remainder reduces your principal. Using the calculator's amortization table, you can see exactly how much of every payment goes toward interest versus principal.

Paying off student loans early can save thousands of dollars in interest, especially on high-rate private loans. There are no federal prepayment penalties, so any extra amount paid goes directly toward reducing your principal. However, if you qualify for Public Service Loan Forgiveness (PSLF) or an IDR forgiveness program, early payoff may not be the best financial strategy—use this calculator to model both scenarios.