Student Loan Calculator
Calculate your monthly payment, total interest, and total cost for federal and private student loans. Compare repayment plans and understand your options to make informed decisions.
Loan Details
Loan type affects your interest rate and repayment options
Estimated Monthly Payment
Cost Breakdown
Principal vs Interest
Repayment Plan Comparison
Interest Rate Guide by Loan Type
Ready to explore better student loan rates and refinancing options? Join the Loan.AI private beta.
Compare Student Loan Options→How to Use This Student Loan Calculator
Our free student loan calculator helps you estimate your monthly payment, total interest, and total cost for federal and private student loans. Enter your current loan balance, interest rate, and desired loan term to see how much you'll pay monthly and over the life of the loan. Use the repayment plan comparison to understand your options.
Understanding Student Loan Repayment
Student loan repayment varies significantly between federal and private loans. Federal loans offer multiple repayment plans including Standard (10 years), Graduated (payments start low and increase), Extended (up to 25 years), and income-driven plans based on your earnings. Private loans typically offer fewer options but may have lower interest rates for borrowers with excellent credit.
Income-driven repayment plans for federal loans can significantly reduce your monthly payment by basing it on your income and family size. These include Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). While these plans lower monthly payments, they typically result in higher total interest over the life of the loan.
Federal vs Private Student Loans
Federal student loans offer borrower protections including income-driven repayment plans, loan forgiveness programs, deferment and forbearance options, and fixed interest rates. Federal Direct Loans for undergraduates currently have rates around 5.50%, while Graduate PLUS and Parent PLUS loans have higher rates of 7.05% and 8.05% respectively.
Private student loans are offered by banks, credit unions, and online lenders with rates typically ranging from 4-14% based on your credit score and income. While they may offer lower rates for qualified borrowers, they lack the federal protections and flexible repayment options. Private loans are best for borrowers who have exhausted federal aid options and have excellent credit.
Tips for Paying Off Student Loans Faster
- Make extra payments toward the principal balance to reduce total interest paid
- Set up autopay to receive a 0.25% interest rate reduction on most federal loans
- Consider refinancing private loans or high-rate PLUS loans if you qualify for better rates
- Pay more than the minimum monthly payment when possible — even $25-50 extra can save thousands
- Use windfalls like tax refunds or bonuses to make lump sum payments
- Explore employer student loan assistance programs — many offer $1,000-5,000+ annually
- For federal loans, consider whether loan forgiveness programs like PSLF make more sense than aggressive payoff
Current Student Loan Rate Trends (April 2026)
As of April 2026, federal student loan rates are set annually by Congress and remain fixed for the life of the loan. Federal Direct Loan rates for undergraduates are currently 5.50%, while graduate students face rates of 7.05% for PLUS loans. Private student loan rates have become more competitive, with well-qualified borrowers potentially securing rates below federal rates. However, private loans lack the flexible repayment options and protections of federal loans.
Frequently Asked Questions
What is the difference between federal and private student loans?
Federal student loans are funded by the government and offer borrower protections like income-driven repayment, loan forgiveness programs, and flexible deferment options. Private loans are from banks and credit unions, may offer lower rates for qualified borrowers, but lack federal protections and repayment flexibility.
Should I pay off student loans early or invest the money?
This depends on your loan interest rates and investment potential. If your loans have rates above 6-7%, paying them off early often makes sense. For lower rates, especially below 4%, investing in diversified index funds may provide better long-term returns. Consider your risk tolerance and overall financial picture.
What are income-driven repayment plans?
Income-driven repayment plans base your monthly payment on your income and family size rather than the loan balance. These include IBR, PAYE, REPAYE, and ICR plans. While they lower monthly payments, they typically extend the repayment period and increase total interest paid over the life of the loan.
Can I refinance federal student loans?
Yes, but refinancing federal loans with a private lender means losing federal benefits like income-driven repayment, loan forgiveness programs, and flexible forbearance options. Only consider refinancing federal loans if you can secure a significantly lower rate and don't need federal protections.
What is student loan forgiveness and am I eligible?
The most common forgiveness program is Public Service Loan Forgiveness (PSLF) for government and qualifying nonprofit workers after 120 qualifying payments. Income-driven plans also offer forgiveness after 20-25 years. Teacher Loan Forgiveness and other profession-specific programs may also apply.
How can I lower my student loan interest rate?
For federal loans, set up autopay to receive a 0.25% rate reduction. For private loans, consider refinancing if your credit has improved since you first borrowed. Some employers offer student loan assistance programs. Making extra principal payments effectively reduces the total interest you'll pay.