Secure Finance

Student Loan Repayment Calculator

Estimate your monthly payment, total interest, and payoff timeline for U.S. student loans under the standard repayment plan. Free, no sign-up required.

Repayment Summary

Monthly Payment$0
Total Amount Paid$0
Total Interest Paid$0

�?/p>

How the Student Loan Calculator Works

This tool models the standard repayment plan �?fixed monthly payments over your chosen term using the amortization formula. If you enter a grace period, interest accrues on the balance during that time before repayment begins (approximating unsubsidized loan behavior).

Federal Repayment Plan Options

Federal student loans offer several repayment plans beyond the standard 10-year plan:

  • Standard (10 years): Fixed payments, least total interest.
  • Extended (up to 25 years): Lower payments, more total interest.
  • SAVE / IBR / PAYE: Income-driven plans that cap payments at a % of income, with potential forgiveness after 20�?5 years.
  • PSLF: Public Service Loan Forgiveness after 10 years of qualifying payments.

This calculator models standard amortization. For IDR plans, use the official Federal Student Aid Loan Simulator.

Strategies to Pay Off Student Loans Faster

  • Make extra payments: Even $50/month extra can shave years off your loan.
  • Refinance: If you have good credit and stable income, refinancing to a lower rate can save thousands (note: refinancing federal loans makes them private, losing federal protections).
  • Avalanche method: Pay minimums on all loans, then put extra toward the highest-rate loan first.
  • Employer benefits: Some employers offer student loan repayment assistance as a benefit.

Understanding the Grace Period

Most federal loans have a 6-month grace period after graduation. For unsubsidized loans, interest accrues during this time. If you don't pay it off, it capitalizes �?meaning it's added to your principal, increasing the amount you owe. Enter 6 in the grace period field to model this scenario.

Frequently Asked Questions

What is the standard repayment plan?

The standard plan spreads payments over 10 years with fixed monthly amounts. It results in the least total interest paid compared to extended or income-driven plans.

What are income-driven repayment plans?

IDR plans (SAVE, PAYE, IBR, ICR) cap your payment at a percentage of discretionary income. After 20�?5 years of qualifying payments, remaining balances may be forgiven. This calculator models standard amortization only.

What is the current federal student loan interest rate?

For 2024�?025: undergraduate Direct Loans are 6.53%, graduate loans are 8.08%, and PLUS loans are 9.08%. Private loan rates vary by lender and credit score.

Should I pay off student loans early?

If your rate is above 6%�?%, paying extra toward principal saves significant interest. If your rate is lower, investing the difference may yield better long-term returns. There's no prepayment penalty on federal loans.

What happens to interest during the grace period?

For unsubsidized loans, interest accrues during the grace period and capitalizes when repayment starts �?increasing your principal. Subsidized loans don't accrue interest during grace periods.

Compound Interest Calculator

See how savings grow with compounding over time.

Car Loan Calculator

Estimate monthly auto payments including taxes and fees.

Tax Withholding Estimator

Estimate federal income tax withholding per paycheck.

Educational purposes only. Not financial advice. This tool models standard amortization only. For official federal loan guidance, visit StudentAid.gov.