How the student loan repayment calculator works
Enter your loan balance, interest rate, and repayment term. The calculator spreads the balance across the term with interest, showing your fixed monthly payment and the total interest you'll pay over the life of the loan.
Try the standard 10-year plan against a 20- or 25-year extended plan. The monthly payment drops as the term grows — but the interest bill climbs fast.
Worked example: 10 years vs 25 years on $35,000
Borrow $35,000 at 5.5% on the standard 10-year plan: you pay $379.84 a month and $10,581 in total interest. Stretch the same loan to 25 years and the payment falls to $214.93 a month — but total interest jumps to $29,479.
The longer term saves about $165 a month but costs nearly $19,000 more in interest. That trade-off is worth seeing clearly before you lock in a plan.
What to watch out for
Federal loans offer income-driven plans, deferment, and forgiveness programs that private loans don't — compare your options before refinancing federal debt into a private loan and giving those protections up.
Extra payments on the highest-rate loan first save the most interest. These figures are planning estimates, not financial advice — servicers can confirm your exact terms.
Frequently asked questions
What is the standard student loan repayment plan?
The standard plan for federal loans is fixed payments over 10 years. It costs the least in total interest but has the highest monthly payment. If that payment strains your budget, graduated or income-driven plans stretch the term in exchange for lower bills.
Should I pay off student loans early?
It depends on your rate. Above roughly 6% to 7%, extra payments usually beat investing the difference. Below that, many borrowers split extra cash between the loan and retirement savings. Either way, build an emergency fund first.
Can I refinance student loans?
Yes, private lenders refinance both federal and private loans, often at lower rates for strong-credit borrowers. The catch: refinancing federal loans into private ones permanently forfeits income-driven repayment, deferment, and forgiveness options.
What happens if I miss a student loan payment?
Federal loans become delinquent immediately and are reported to credit bureaus after 90 days; default follows at 270 days. Private loans vary but move faster. If you're struggling, contact your servicer — deferment or an income-driven plan beats missing payments.