Student Loan Calculator
Calculate your student loan payments, total interest, and explore payoff strategies. Compare federal vs private loans and see forgiveness options.
Federal: Fixed rates, income-based repayment, forgiveness options
Private: Variable/fixed rates, no forgiveness, stricter qualification
Repayment Options
Forgiveness & Benefits
Forgives remaining balance after 10 years of qualifying payments
Up to $17,500 forgiven for qualifying teachers
Payment Summary
Forgiveness Summary
Payment Plan Comparison
Enter loan details and click calculate to see plan comparisons
Understanding Student Loans
Student loans can be a significant financial burden, but understanding your options and creating a repayment plan is crucial. Federal student loans offer more flexibility and forgiveness options compared to private loans.
Federal vs Private Student Loans
Federal Student Loans
- Fixed interest rates
- Income-based repayment plans
- Loan forgiveness programs
- Deferment and forbearance options
- No credit check required
Private Student Loans
- Variable or fixed rates
- Higher interest rates
- No forgiveness options
- Credit score requirements
- Cosigner often required
Federal Repayment Plans
| Plan | Term | Payment Based On | Forgiveness |
|---|---|---|---|
| Standard | 10 years | Fixed amount | None |
| Graduated | 10 years | Starts low, increases | None |
| Extended | 25 years | Fixed amount | None |
| Income-Based (IBR) | 20-25 years | 10-15% of income | After 20-25 years |
| Pay As You Earn (PAYE) | 20 years | 10% of income | After 20 years |
| REPAYE | 20-25 years | 10% of income | After 20-25 years |
Student Loan Forgiveness Programs
Major Forgiveness Programs
Public Service Loan Forgiveness (PSLF)
Forgives remaining balance after 10 years of qualifying payments for government/nonprofit workers
Teacher Loan Forgiveness
Up to $17,500 forgiven for teachers in low-income schools
Income-Driven Forgiveness
Remaining balance forgiven after 20-25 years of income-based payments
Disability Discharge
Complete forgiveness for borrowers with total permanent disability
Death Discharge
Loans discharged upon borrower's death
Closed School Discharge
Forgiveness if school closes while enrolled or within 120 days
Student Loan Interest Rates (2024)
| Loan Type | Undergrad | Graduate | Parent PLUS |
|---|---|---|---|
| Direct Subsidized | 5.50% | N/A | N/A |
| Direct Unsubsidized | 5.50% | 7.05% | 8.05% |
| Direct PLUS | N/A | 8.05% | 8.05% |
*Federal rates are fixed for the life of the loan
Key Takeaways for Student Loans
- Federal loans offer better terms and forgiveness options than private loans
- Income-driven repayment plans can significantly lower monthly payments
- Extra payments always go toward principal and save interest
- Public Service Loan Forgiveness can eliminate debt for qualifying careers
- Student loans cannot be discharged in bankruptcy (except in extreme cases)
- Consider refinancing private loans if rates have dropped significantly
- Make interest-only payments during grace periods to avoid capitalization
- Track payments and consider loan consolidation for simpler management