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Student Loan Repayment Calculator

How to estimate your payments and choose the right repayment plan

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Student loans are one of the largest financial commitments most college students make. Understanding your repayment options before you graduate puts you in a far stronger position.

How Student Loan Repayment Works

Federal student loans enter repayment six months after you graduate, leave school, or drop below half-time enrollment. The grace period gives you time to find income before payments begin.

Private loans vary by lender - some require payments while you are still enrolled.

Estimating Your Monthly Payment

A basic formula for a standard 10-year repayment plan:

  • $10,000 borrowed at 5% interest = approx. $106/month
  • $30,000 borrowed at 5% interest = approx. $318/month
  • $50,000 borrowed at 5% interest = approx. $530/month

Use the official Federal Student Aid loan simulator at studentaid.gov for exact figures based on your loan balance and interest rate.

Federal Repayment Plans

  • Standard Repayment - fixed payments over 10 years, lowest total interest
  • Graduated Repayment - lower payments early, increases every two years
  • Income-Driven Repayment (IDR) - payments capped at a percentage of discretionary income
  • SAVE Plan - newest IDR option, can reduce payments to $0 for low earners
  • Extended Repayment - up to 25 years, lower monthly payment but more interest overall

Income-Driven Repayment Explained

IDR plans tie your monthly payment to your income, not your loan balance. This is useful if your starting salary is low relative to your debt.

  • Payments are recalculated annually based on your tax return
  • Remaining balance is forgiven after 20 or 25 years
  • Public Service Loan Forgiveness (PSLF) forgives after 10 years for qualifying employers

Strategies to Pay Off Loans Faster

  • Pay more than the minimum whenever possible - extra payments go directly to principal
  • Refinance private loans if you qualify for a lower interest rate
  • Avoid deferment unless necessary - interest continues to accrue
  • Apply any tax refunds or bonuses directly to your loan balance

What to Do Before Graduation

  • Log in to studentaid.gov to see your total federal loan balance
  • Complete exit counseling - required for federal loan borrowers
  • Set up autopay - most servicers offer a 0.25% interest rate reduction
  • Choose your repayment plan before your first payment is due

The best repayment plan depends on your income, career path, and financial goals. Start with the standard plan and switch to income-driven if your payments become unmanageable.

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