Student Loan Repayment Calculator
Calculate your monthly payments and total costs for various student loan repayment plans
Additional Information and Definitions
Total Loan Amount
Enter the total amount of student loans you owe.
Interest Rate (%)
Enter your student loan interest rate as a percentage.
Loan Term (Years)
Enter the number of years over which you plan to repay the loan.
Repayment Plan
Choose the repayment plan that best suits your financial situation.
Annual Income
Enter your annual income to estimate payments under income-driven plans.
Family Size
Enter your family size, including yourself, for income-driven repayment plans.
Find the Best Repayment Plan for You
Compare standard, extended, graduated, and income-driven plans
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Understanding Student Loan Terms
Key terms to help you understand your student loan repayment options.
Standard Repayment Plan:
A fixed monthly payment plan with a term of 10 years.
Extended Repayment Plan:
A repayment plan that extends the term up to 25 years, lowering monthly payments.
Graduated Repayment Plan:
A plan where payments start low (~50% of standard) and increase (~150%), up to 30 years.
Income-Driven Repayment Plan:
A naive approach based on 10% of discretionary income for 25 years in this example.
Interest Rate:
The percentage of the loan amount that you must pay in addition to the principal.
Total Repayment Amount:
The total amount of money that will be paid over the life of the loan, including principal and interest.
Monthly Payment:
The amount you need to pay each month to repay your loan within the term.
4 Surprising Facts About Student Loan Repayment
Repaying student loans can be complicated, but knowing some facts can help you manage them better.
1.Income-Driven Surprises
Many borrowers don't realise that income-driven plans can result in loan forgiveness after 25 years.
2.Extended Terms Increase Interest
While longer terms reduce monthly payments, they can significantly increase total interest paid.
3.Graduated Plans Start Low
Graduated repayment can ease the transition from school to workforce, but payments increase over time.
4.Prepayments Are Usually Allowed
Most lenders do not charge a penalty for paying off student loans early or making extra payments.