Student Loan Calculator

Calculate monthly payments and total interest for your student loans.

M = P x [r(1 + r)^n] / [(1 + r)^n - 1], where P = loan amount, r = monthly rate, n = months (standard = 10 years = 120 months)
$50,000 loans at 5.5% APR over 10 years: Monthly payment = $542, Total interest = $15,045, Total repayment = $65,045

What is the average student loan debt?

Average US student loan debt (2024): $37,000 for bachelor's degree. Medical/law school can be $200,000+. Average monthly payment is $200-400. Federal loan rates: Undergrad 5-6%, graduate 6-8%, PLUS loans 7-9%. Private loans vary 3-14% based on credit. Total US student debt exceeds $1.7 trillion affecting 45+ million borrowers.

Should I pay off student loans early or invest?

It depends on interest rate. High rate loans (7%+): Pay off aggressively. Medium rates (4-6%): Balance paying extra with investing. Low rates (under 4%): Consider investing instead, especially if employer matches 401k. Always pay minimum, but extra depends on your rate vs expected investment returns (historically ~7-10% stocks).

What are income-driven repayment plans?

Federal loan plans cap payments at 10-20% of discretionary income: IBR, PAYE, REPAYE, ICR. Lower monthly payments (good for low income), but extend term to 20-25 years and increase total interest. Remaining balance forgiven after term (but taxable). Good for: Low income, public service, or planning for PSLF. Bad for: High earners wanting to minimize interest.

How does student loan forgiveness work?

PSLF (Public Service Loan Forgiveness): 120 payments while working for government/nonprofit = forgiveness (tax-free). Teacher forgiveness: $17,500 after 5 years. Income-driven: Forgiveness after 20-25 years (taxable). Biden forgiveness was blocked. State-specific programs exist. Not guaranteed - verify eligibility yearly and keep records. Private loans have no forgiveness.