Calculate student loan payments, total interest, and payoff timeline. Compare repayment plans and see the impact of extra payments.
Calculate student loan payments, total interest, and payoff timeline. Compare repayment plans and see the impact of extra payments.
The average student loan debt is $37,574. Standard repayment is 10 years, but adding just $50/month extra saves thousands in interest and shaves years off repayment. Federal loans offer income-driven plans (SAVE, IBR, PAYE) that cap payments at 10-20% of discretionary income.
We use the compound interest formula: A = P(1 + r/n)^(nt), where P is principal, r is the annual rate, n is compounding frequency, and t is time in years. For retirement projections, we factor in inflation-adjusted returns using historical S&P 500 data from NYU Stern.
Past performance does not guarantee future results. Actual investment returns vary based on market conditions, fees, and asset allocation. Consult a licensed financial advisor for personalized planning.