Student loan calculator
Free student loan calculator. See your monthly payment, total interest, and exactly how much extra payments cut off the payoff date.
Have multiple loans? Combine them here
Most borrowers leave school with 4-8 separate federal loans (subsidized, unsubsidized, Grad PLUS) at different rates. Enter each one to see your true combined monthly payment, total interest, and weighted APR for refinance comparisons.
IDR plan comparator — IBR vs SAVE vs RAP (July 1, 2026)
Income-driven repayment plans cap your monthly payment based on AGI and family size. The new RAP plan (Repayment Assistance Plan) launches July 1, 2026 under the 2025 reconciliation law, replacing SAVE and PAYE for new borrowers. Enter your numbers to see which plan minimizes lifetime cost.
Public Service Loan Forgiveness (PSLF) tracker
10 years (120 qualifying payments) of full-time work at a 501(c)(3) or government employer + IDR plan = full federal loan forgiveness, tax-free. Track progress and see the dollar value of completing vs paying off normally.
Key student loan terms (used throughout this page)
- IDR (Income-Driven Repayment)
- SAVE, PAYE, IBR, ICR, RAP — cap monthly payment at % of discretionary income, forgive remaining after 20-30 yrs.
- PSLF
- 120 qualifying payments + 501(c)(3) or government employment = full federal forgiveness, tax-free. Doctors, nurses, teachers, social workers.
- RAP (Repayment Assistance Plan)
- Launches July 1, 2026 per PL 119-21. Tiered 1-10% of AGI, $50/dependent, 30-yr forgiveness. Replaces SAVE for new borrowers.
- Direct Subsidized
- Federal undergrad need-based. Government pays interest in school + grace. Lower effective rate than Unsubsidized.
- Capitalization
- Unpaid interest added to principal. Happens at end of grace, deferment exit, plan changes. Avoid by paying accrued interest before triggers.
- Grad PLUS / Parent PLUS
- Federal loans for grad students / parents of undergrads. Higher rate (8.94% Parent PLUS for 2026-26) + 4.228% origination fee.
What is the average monthly student loan payment?
The average US borrower graduates with about $37,000 in student loans. On a standard 10-year repayment plan at 6.5% interest, that works out to roughly $420 per month — 120 payments totaling about $50,400, of which $13,400 is interest. Federal undergraduate rates are 5.5-6.5%, federal graduate 7-8.5%, and private loans range 4-14% based on credit.
Typical student loan numbers
The average US borrower graduates with ~$37,000 in student loans. At 6.5% on a standard 10-year plan, that's $420/month for 120 payments with about $13,400 in total interest.
Federal vs private student loans
Federal (Direct Loans)
- Fixed rates set annually by Congress
- Income-driven repayment plans (SAVE, PAYE, IBR)
- Public Service Loan Forgiveness after 10 years (PSLF)
- Deferment and forbearance options
- Death/disability discharge
- Generally do NOT refinance these unless you're sure you won't need the protections
Private
- Variable or fixed rates, credit-based
- No forgiveness, no income-driven plans
- Limited hardship options
- Freely refinance for better rates as credit improves
Extra payment impact
On $35,000 at 6.5% over 10 years:
- $0 extra: $420/mo, $13,400 interest, 10 years
- $100/mo extra: $7,580 interest saved, payoff 2.3 years early
- $200/mo extra: $9,900 interest saved, payoff 3.8 years early
- $500/mo extra: $12,000 interest saved, payoff 6 years early
If your loan has an "excess payment" instruction field, always specify "apply to principal". Otherwise servicers may advance the due date instead of reducing principal — wasting your extra payment.
Should you pay off aggressively?
Compare your rate to your alternative use of money:
- Rate under 5% (old federal loans): pay minimum, invest extra in index funds (~7% real)
- Rate 5-7% (current federal): split — some extra payments, some investing
- Rate 7%+ (grad school, private): aggressive payoff usually wins
Always capture employer 401(k) match first — that's a free 100% return, beats any loan rate.
Income-driven repayment: when it makes sense
Federal IDR plans cap payments at 5-10% of discretionary income, with loan forgiveness after 20-25 years (or 10 years for public service). Math:
- Worth it: low income relative to balance (e.g., $100k loans on a $50k teacher salary heading toward PSLF)
- Bad idea: high income, low balance — you'll pay more in interest over 20 years than you would under standard repayment
Federal student loan rates 2026-2027 academic year
- Direct Subsidized/Unsubsidized (undergrad): 6.39% fixed for 2026-2027. Loan fee 1.057%.
- Direct Unsubsidized (graduate/professional): 7.94% fixed. Loan fee 1.057%.
- Grad PLUS / Parent PLUS: 8.94% fixed. Loan fee 4.228% — the highest of any federal loan.
- Aggregate undergrad limit: $31,000 dependent, $57,500 independent. Grad: $138,500 total (Stafford lifetime).
- Total US student loan debt: ~$1.77 trillion across ~43M borrowers (Federal Reserve Q1 2026). Average balance: ~$41K.
- Private loan rates 2026: 3.99-15.99% variable / 4.49-16.99% fixed depending on credit (Sallie Mae, SoFi, Earnest, Discover). Cosigner often required for undergrads.
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Methodology & sources
- Amortization formula: standard annuity present-value (M = P × r(1+r)^n / [(1+r)^n − 1])
- Federal loan rates: U.S. Department of Education studentaid.gov (2026-2027 academic year)
- IDR plan math (SAVE, PAYE, IBR, ICR, RAP): 34 CFR §685.209-685.221; Public Law 119-21 for RAP
- PSLF rules: 34 CFR §685.219; ED Office of Federal Student Aid
- Total US student loan debt: Federal Reserve G.19 Consumer Credit release
- Discretionary income calculation: 150% (IBR/PAYE) or 225% (SAVE/RAP) of federal poverty guideline by family size
- Private loan rate ranges: Sallie Mae, SoFi, Earnest, Discover 2026 rate sheets