Debt Tools
Student Loan Calculator
Take control of your student debt. Calculate your monthly payment and discover how paying just a little extra each month can save thousands in interest and cut years off your loan.
Configure
Student loan parameters
Student loan repayment strategies
01
Know your numbers
Enter your loan balance, interest rate, and standard repayment term (typically 10 years for federal loans).
02
Add extra payments
Even $50–$100 extra per month can dramatically reduce your total interest and loan term.
03
See the full picture
Compare standard payoff vs accelerated payoff: interest saved, months removed, and payoff dates.
Frequently asked questions
What are current federal student loan rates? ▼
Federal student loan rates for 2024–25 are: Undergraduate Direct Subsidized/Unsubsidized 6.53%, Graduate Direct Unsubsidized 8.08%, and Direct PLUS loans 9.08%. Rates are set annually by Congress based on 10-year Treasury yield.
Should I pay extra or invest? ▼
Federal student loan rates (5–9%) are often lower than long-term stock market returns (~10%). However, eliminating debt provides a guaranteed 'return' equal to the interest rate, plus the psychological benefit of being debt-free. Consider both.
What are income-driven repayment plans? ▼
Federal income-driven plans (IBR, PAYE, SAVE) cap payments at 5–10% of discretionary income. After 10–25 years of payments, remaining balances may be forgiven (PSLF for public service, or IDR forgiveness). These aren't reflected in this calculator.
Disclaimer: This calculator covers standard repayment only. It does not account for income-driven plans, forgiveness programs, deferment, or forbearance. For federal loan options, visit studentaid.gov.
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