Student Loan Calculator
Student Loan Calculator
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Student Loan Details
Compare Loan Terms
Loan Summary
Monthly Payment
$406.38
10 years at 7.00% APR
Loan Details
Total Cost
First Year Payment Breakdown
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $202.21 | $204.17 | $34,798 |
| 2 | $203.39 | $202.99 | $34,594 |
| 3 | $204.58 | $201.8 | $34,390 |
| 4 | $205.77 | $200.61 | $34,184 |
| 5 | $206.97 | $199.41 | $33,977 |
| 6 | $208.18 | $198.2 | $33,769 |
| 7 | $209.39 | $196.99 | $33,559 |
| 8 | $210.62 | $195.76 | $33,349 |
| 9 | $211.84 | $194.54 | $33,137 |
| 10 | $213.08 | $193.3 | $32,924 |
| 11 | $214.32 | $192.06 | $32,710 |
| 12 | $215.57 | $190.81 | $32,494 |
Early payments are mostly interest. Principal portion increases over time.
Principal vs Interest Over Time
Term Comparison
Loan Balance Over Time
Key Financial Terms
Understand the essential concepts behind this calculator
IBR Plan (Income-Based Repayment)
An income-driven repayment plan requiring 10-15% of discretionary income with forgiveness after 20-25 years, ideal for borrowers whose debt exceeds their income.
ICR Plan (Income-Contingent Repayment)
The oldest income-driven plan with 20% discretionary income payments or a 12-year fixed amount, with forgiveness after 25 years—the only IDR option for Parent PLUS loans.
Income Driven Repayment (IDR)
Federal student loan repayment plans that cap monthly payments at a percentage of your discretionary income, with potential loan forgiveness after 20-25 years.
PAYE Plan (Pay As You Earn)
An income-driven repayment plan with 10% discretionary income payments, capped at the Standard amount, with forgiveness after 20 years for recent borrowers.
Frequently Asked Questions
Common questions about the Student Loan Calculator
🎓 Student Loan Data Sources
• Undergraduate Direct Loans: 6.53%
• Graduate Direct Unsubsidized: 8.08%
• Direct PLUS Loans: 9.08%
→ Source: Federal Student Aid - Interest Rates
• SAVE Plan: 5% of discretionary income (undergraduate), 10% (graduate), 0% below 225% FPL
• PAYE Plan: 10% of discretionary income, capped at 10-year standard
• IBR Plan: 10-15% of discretionary income based on loan date
• ICR Plan: Lesser of 20% discretionary income or fixed 12-year payment
→ Source: Federal Student Aid - Income-Driven Repayment Plans
• Requires 120 qualifying monthly payments (10 years)
• Must work full-time for qualifying employer (government/non-profit)
• Remaining balance forgiven tax-free after 120 payments
→ Source: Federal Student Aid - PSLF Program
• Bachelor's degree borrowers: $28,950 average debt
• Total outstanding student loan debt (U.S.): $1.75 trillion
• Average monthly payment: $200-$299 for most borrowers
→ Source: Education Data Initiative - Student Loan Debt Statistics
• Private refinancing rates: 4.5% - 9.5% (varies by credit, term)
• Note: Refinancing federal loans means losing federal protections (IDR, PSLF, forbearance)
→ Source: CFPB - Student Loan Refinancing
Important: Student loan rules change frequently. Always verify current program requirements at StudentAid.gov before making decisions.
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⚠️ Important Disclaimer
This Student Loan Calculator provides estimates for educational and informational purposes only. Actual results may vary significantly based on individual circumstances, market conditions, regulatory changes, and other factors beyond the scope of this calculator.
The calculations and projections provided are based on assumptions and historical data that may not reflect future performance.Past performance does not guarantee future results.
This tool is not financial advice, tax advice, legal advice, or investment advice. For personalized guidance tailored to your specific situation, please consult with qualified professionals including:
- Certified Financial Planner (CFP)
- Certified Public Accountant (CPA) for tax matters
- Licensed attorney for legal matters
- Registered Investment Advisor (RIA) for investment decisions
Data Accuracy: All data sources, statistics, and rates were verified as accurate as of October 2025. Tax rates, market conditions, and other financial data change over time. Always verify current rates and consult official sources.
No Warranties: While we strive for accuracy, we make no warranties or guarantees regarding the accuracy, completeness, or reliability of any information provided. Use this tool at your own risk.