Student Loan Calculator — Monthly Payment & Payoff Plan
Crunch the numbers on your student loans — federal, private, or refinanced. See your true monthly cost and total interest over the life of the loan.
Loan Calculator
How It Works
A $40,000 student loan at 5.5% for 10 years gives you roughly $434/month payment with about $12,000 total interest.
Federal loans in 2024: undergraduate 5.50%, graduate 7.05%, PLUS loans 8.05%. Private loans range 4-15% based on credit.
Income-driven repayment on federal loans can lower monthly payments to 10% of discretionary income, but typically extends the term and adds interest.
Refinancing with good credit (700+) can cut rates to 4-7% — but you lose federal benefits like income-driven plans and forgiveness programs.
Frequently Asked Questions
What's the average student loan payment?
The national average is $300-$400/month on ~$37,000 in debt. Medical school grads average $800-1,200/month on $200k+ in loans.
Should I refinance my student loans?
Consider refinancing if: (1) your credit is 700+, (2) you're not pursuing PSLF, (3) you'll save 1%+ in APR. Federal loans can't be un-refinanced, so be careful.
How long are standard student loans?
Federal standard repayment is 10 years. Extended plans go to 25 years. Income-driven plans extend to 20-25 years with possible forgiveness after.