Student Loan Calculator

Fill in your loan details to see what you'll pay:

• Monthly payment: The amount you owe each month.
• Total repayment amount: The total you'll pay back over the life of the loan, including principal and interest.
• Interest paid: The part of your payments that goes toward interest.
• Principal paid: The original loan amount you'll pay off by the end of your term.
• Amortization schedule: A breakdown of how each payment divides between principal and interest.

• Repayment plan: Standard plans split your loan into equal monthly payments. Income-driven plans base your payment on your income and family size.
• Additional payments: Extra payments reduce your principal directly, lowering the total interest you'll owe.
• Fees and penalties: Origination fees, late fees and prepayment penalties vary by loan type and lender.
• Grace periods and deferments: Some loans let you pause payments for a set time without penalty.

You have two main options for financing your education: private and federal student loans. Each has distinct features, benefits and drawbacks.

Banks, credit unions and other financial institutions offer private student loans. Interest rates can be fixed or variable and depend on your credit score. Higher scores get better rates. Private loans may require a co-signer if you don't have an established credit history.

Repayment for private student loans is less flexible than federal loans, with fewer opportunities for deferment, forbearance or income-driven plans.

Federal student loans are funded by the government and come with standardized terms and protections. They offer lower, fixed interest rates and multiple repayment plans.

Federal loans provide options for deferment, forbearance and loan forgiveness.

• Direct subsidized loans: Available to undergraduate students with demonstrated financial need. The government pays the interest during your in-school, grace or deferment period.
• Direct unsubsidized loans: Available to both undergraduate and graduate students without requiring demonstrated financial need. You're responsible for all accrued interest from disbursement.
• Direct PLUS loans: For graduate students or parents of dependent undergraduate students. They have higher interest rates and require a credit check, but let you borrow up to the full cost of attendance.
• Direct consolidation loans: Let you combine multiple federal student loans into a single loan with a fixed interest rate. This rate is the weighted average of your combined loans' interest rates.

Read more: Best Private Student Loans of 2026

Student loan payments can strain your budget, but you have options to bring them down. Here are four ways to lower your monthly payments:

• Income-driven repayment plans: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Saving on a Valuable Education (SAVE) and Income-Contingent Repayment (ICR) all base your monthly payment on your income and family size. These federal plans cancel any remaining balance after a set number of years.
• Refinancing: A private lender pays off your existing loans and issues a new one at a lower interest rate. Your monthly payments drop, but you lose federal benefits like income-driven repayment and loan forgiveness.
• Extended repayment plans: A longer loan term lowers your monthly payments, though you'll pay more interest over the life of the loan. You pay less each month but more in total.
• Student loan forgiveness programs: Some programs cancel part or all of your federal student loan balance. Most require specific employment in public service or a qualifying field. If you qualify, your payments drop to zero.