Student Loan Calculator
Calculate your monthly student loan payment, total interest paid, and payoff time for federal or private loans. Free, no sign-up, results update as you type.
Loan Details
Results
Monthly Payment
$512
Principal
$45,000
Total Interest
$16,398
Total Paid
$61,398
For estimation only. Not professional financial, tax, or legal advice. Consult a qualified advisor before making decisions. Full disclaimer.
Federal vs private student loans
Federal loans (Direct Subsidized/Unsubsidized, PLUS) have fixed rates set by Congress and come with income-driven repayment options. Private loans are bank-issued, can have lower or higher rates depending on credit, and lack federal protections. Always max out federal before private.
Standard repayment vs IDR
Standard plan: fixed payment over 10 years. IDR plans (IBR, PAYE, SAVE) cap payment at 10-20% of discretionary income and forgive balance after 20-25 years (taxable). PSLF forgives after 10 years for public-service workers (tax-free).
Common questions about Student Loan
What is a typical federal student loan rate?+
2025-26 rates: Direct Subsidized/Unsubsidized undergrad loans at 6.53%, grad Direct Unsubsidized at 8.08%, Direct PLUS at 9.08%. Private loans vary 4%-16% based on credit.
Should I pay extra on student loans or invest?+
Compare after-tax loan rate to expected investment return. If loan is under 6% with tax deduction, investing in a 401(k) match is almost always better first. High-rate private loans (>8%) often beat market returns.
What is PSLF?+
Public Service Loan Forgiveness — after 10 years of qualifying payments while working for a government or eligible non-profit, remaining federal loan balance is forgiven tax-free.
What are Income-Driven Repayment (IDR) plans?+
IDR caps monthly payment at a percentage of discretionary income. Current plans: SAVE (10% of discretionary income, 20-25 years to forgiveness; currently blocked by litigation as of 2026, borrowers auto-placed in forbearance), PAYE (10%, 20 years), IBR (10-15%, 20-25 years), ICR (20%, 25 years). Any balance forgiven is taxable as income (except PSLF). Best fit: high debt-to-income ratios, teachers, non-profit workers pursuing eventual forgiveness.
Should I refinance federal student loans with a private lender?+
Be cautious. Refinancing converts federal loans to private, permanently losing: (a) income-driven repayment; (b) PSLF eligibility; (c) death/disability discharge; (d) deferment/forbearance options. Only refinance if: high-income stable career (doctor, engineer), 750+ credit score getting a 2%+ rate reduction, no interest in federal protections. For private loans already, refinance whenever the new rate beats current by 1%+.
Can I deduct student loan interest on taxes?+
Yes. Up to $2,500 of student loan interest is deductible as an above-the-line deduction (available even without itemizing). Phase-out for 2026 (projected): $85k-$100k single MAGI / $170k-$200k MFJ. Applies to federal and private loans for your own, spouse's, or dependent's higher education. Lenders issue Form 1098-E showing interest paid. Can't deduct if filing MFS or if you're someone else's dependent.