Calculate monthly payments, compare repayment plans, and find the fastest way to become debt-free.
A student loan calculator estimates monthly payments and total repayment costs for education debt across different repayment plans. It compares Standard (10-year), Extended (25-year), Graduated, and Income-Based Repayment options to help borrowers choose the most cost-effective strategy. For example, a $30,000 loan at 5.5% interest costs $325/month on a Standard plan ($39,039 total) versus $181/month on an Extended plan ($54,188 total) — a difference of $15,149 in interest.
| Plan | Monthly Payment | Total Paid | Total Interest | Term |
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The four main federal student loan repayment plans are: Standard Repayment (fixed payments over 10 years), Extended Repayment (fixed payments over up to 25 years), Graduated Repayment (payments start low and increase every 2 years), and Income-Based Repayment (payments capped at 10-15% of discretionary income).
Student loan interest is calculated using the standard amortization formula M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal, r is monthly interest rate, and n is total number of payments. Interest accrues daily on most federal student loans.
A longer term lowers monthly payments but significantly increases total interest paid. For example, extending from 10 to 25 years on a $30,000 loan at 5.5% can more than double the total interest. Choose the shortest term you can comfortably afford.
Pay more than the minimum each month, make bi-weekly payments instead of monthly, apply windfalls (tax refunds, bonuses) to principal, and refinance for a lower rate if you have good credit. Even $50 extra per month can save thousands in interest.