Student Loan Calculator
Calculate student loan payments, total interest, and payoff timeline. Compare repayment plans.
Calculate student loan payments, total interest, and payoff timeline. Compare repayment plans.
Calculate student loan payments, total interest, and payoff timeline. Compare repayment plans.
Calculate student loan payments, total interest, and payoff timeline. Compare repayment plans.
Given your current balance, annual interest rate, and chosen monthly payment, the calculator simulates month-by-month repayment until the balance reaches zero (or hits the 50-year display cap). For a $35,000 balance at 5.5% paying $400 per month, the loan pays off in 9 years 5 months with about $9,835 in total interest. If the monthly payment is at or below the monthly interest accrual the calculator caps the simulation at 600 months.
Per the Department of Education, loans first disbursed July 1, 2025 through June 30, 2026 carry these rates: Direct Subsidized and Unsubsidized for undergraduates 6.53%, Direct Unsubsidized for graduate students 8.08%, Direct PLUS (Grad PLUS and Parent PLUS) 9.08%. Rates are fixed for the life of the loan and reset each May for the following award year, using the 10-year Treasury high yield plus a statutory margin.
Mathematically, paying extra toward the highest-rate loan reduces total interest the most. On a $35,000 balance at 5.5%, paying $500 instead of $400 per month saves roughly $1,800 in interest and pays off 21 months sooner. But if you have credit card debt at 22%+, pay that first. And if you are pursuing Public Service Loan Forgiveness, extra payments reduce your forgivable balance — pay the standard amount and put the extra into a high-yield savings account or Roth IRA instead.
Yes, up to $2,500 per year under IRC § 221, as an above-the-line deduction (no need to itemize). The deduction phases out between $80,000 and $95,000 of modified adjusted gross income for single filers and $165,000 to $195,000 for married filing jointly (TY2025 thresholds). Your loan servicer will issue Form 1098-E in January reporting the interest you paid. This calculator does not factor in the tax deduction.
Standard repayment is a fixed 10-year amortization at the contractual rate — the lowest total cost but highest monthly payment. Income-driven plans (IBR, PAYE, SAVE — note that SAVE is in litigation as of 2026) cap your monthly payment at 5%–15% of discretionary income and extend the term to 20–25 years, with any remaining balance forgiven at the end. IDR plans cost more in total interest but provide cash-flow relief and the path to forgiveness.