Free Student Loan Calculator

Student Loan Calculator

Calculate federal and private student loan payments under Standard, Extended, and Income-Driven Repayment plans. See how your income affects IDR payments.

6.53%
Undergrad loans
Federal Student Aid, 2024–25
9.08%
PLUS Loans
Federal Student Aid, 2024–25

Student Loan Payment Calculator

Loan Details

Select loan type (2024–25 rates)
Loan Balance total outstanding
$
Interest Rate fixed by Congress
%
Repayment Plan

Enter your student loan details and click Calculate

Federal Student Loan Rates 2024–25

Federal student loan rates are set by Congress each year based on the 10-year Treasury note. They are fixed for the life of the loan — your rate won't change after you borrow. Source: U.S. Department of Education.

Undergrad Subsidized
6.53%
Need-based, gov't pays interest in school
Undergrad Unsubsidized
6.53%
Interest accrues from day 1
Graduate Unsubsidized
8.08%
For master's & doctoral programs
Grad & Parent PLUS
9.08%
Credit check required

Federal Repayment Plan Comparison

Federal borrowers can choose from several repayment plans. Here's how they compare:

PlanMonthlyForgiveness
Standard (10 yr)FixedNone
Graduated (10 yr)IncreasesNone
Extended (25 yr)LowerNone
SAVE (20–25 yr)5–10% incomeYes (20–25 yr)
IBR (20–25 yr)10% incomeYes (20–25 yr)
PSLF (10 yr + IDR)IDR amountYes (10 yr)

Source: StudentAid.gov — Repayment Plans. IDR forgiveness may be taxable as income in some states.

Subsidized vs. Unsubsidized Loans

The key difference is who pays interest while you're in school. With subsidized loans, the government covers it. With unsubsidized loans, interest accrues from day one — and capitalizes (adds to your principal) when repayment begins.

Example: $20,000 unsubsidized at 6.53% over a 4-year program accrues ~$5,600 in interest before you make your first payment — making your effective starting balance $25,600 if you don't pay interest in school.

Should You Refinance Federal Student Loans?

Refinancing can lower your rate — but permanently converts federal loans to private loans, eliminating access to IDR plans, PSLF, and federal forbearance. The CFPB's student loan tool recommends only refinancing federal loans if you:

  • Have stable, high income — you don't need income-based protection
  • Work in private sector — PSLF doesn't apply to you
  • Can get a significantly lower rate — at least 1–2% lower
  • Have private loans too — refinancing private loans is almost always worth exploring
  • Won't need deferment/forbearance — you have a solid emergency fund
FAQ

Student Loan Calculator — Common Questions

What are the current federal student loan interest rates?
For the 2024–25 academic year, set by Congress: Undergraduate Direct Subsidized and Unsubsidized Loans: 6.53%. Graduate Unsubsidized Loans: 8.08%. Grad PLUS and Parent PLUS Loans: 9.08%. Federal loan rates are fixed for the life of the loan — they don't change after disbursement. Rates are set annually each July based on the 10-year Treasury note yield.
What is Income-Driven Repayment (IDR) and how is it calculated?
IDR plans cap your monthly payment at a percentage of your discretionary income — defined as income above 150% of the federal poverty line (~$21,870 for a single person in 2025). Under the SAVE plan, undergraduate borrowers pay 5% of discretionary income. The remaining balance may be forgiven after 20–25 years. Payments must be recertified annually using your tax return.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives remaining federal Direct Loan balances after 120 qualifying monthly payments (10 years) while working full-time for a qualifying government or nonprofit employer. You must be enrolled in an IDR plan. PSLF is tax-free. Use the PSLF Help Tool at StudentAid.gov to verify your employer qualifies before you commit to the program.
Should I refinance my student loans?
Refinancing private loans almost always makes sense if you can get a lower rate. For federal loans, be very careful: refinancing converts them to private loans, permanently losing access to IDR plans, PSLF, federal forbearance, and deferment. Only refinance federal loans if you have stable income, don't need IDR or PSLF, and can get a significantly lower rate.
What is the difference between subsidized and unsubsidized loans?
Subsidized loans (undergrads only, need-based): the government pays the interest while you're in school at least half-time, during grace periods, and deferment. Unsubsidized loans (undergrads and grad students): interest accrues from the moment of disbursement — even while in school. Unpaid interest capitalizes (adds to principal) when repayment begins, increasing total cost.
How do I lower my student loan payments?
Federal loan options: enroll in an IDR plan (payments as low as $0 if income is low), apply for deferment or forbearance during hardship, or pursue PSLF if you work in public service. For private loans: refinance to a lower rate or extend the term. Always contact your loan servicer first — they offer options you may not know about.

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