Student Loan Repayment Calculator
Calculate monthly payments and total cost for student loans. Compare standard, extended, and income-driven repayment plans to find the strategy that works best for your financial situation.
Understanding Student Loan Debt
The average student loan debt for college graduates exceeds $30,000, making repayment strategy crucial for long-term financial health. Federal student loans offer multiple repayment options, each with different monthly payments, total costs, and forgiveness possibilities.
Unlike other consumer debt, student loans have unique features including income-driven repayment options, public service loan forgiveness (PSLF), and deferment options during economic hardship. Understanding these options helps you make informed decisions about your repayment approach.
Federal Student Loan Rates (2024-25)
| Loan Type | Interest Rate | Borrower Type |
|---|---|---|
| Direct Subsidized | 5.50% | Undergraduate |
| Direct Unsubsidized | 5.50% | Undergraduate |
| Direct Unsubsidized | 7.05% | Graduate/Professional |
| Direct PLUS | 8.05% | Parents/Graduate |
| Private Loans | 4.99%-15%+ | All (credit-based) |
Repayment Plan Comparison
| Plan | Monthly Payment | Term | Total Paid | Best For |
|---|---|---|---|---|
| Standard | $345 | 10 years | $41,400 | Fastest payoff |
| Extended | $207 | 25 years | $62,100 | Lower payments |
| Graduated | $198-$595 | 10 years | $44,000 | Growing income |
| IBR | 10-15% income | 20-25 years | Varies | Lower earners |
| PAYE | 10% income | 20 years | Varies | Newer borrowers |
| SAVE | 5-10% income | 20-25 years | Varies | All borrowers |
Income-Driven Repayment Details
Income-driven plans calculate payments based on discretionary income:
| Plan | Payment Cap | Forgiveness Term | Interest Subsidy |
|---|---|---|---|
| SAVE | 5% undergrad, 10% grad | 20-25 years | Yes |
| IBR | 10-15% income | 20-25 years | Limited |
| PAYE | 10% income | 20 years | Limited |
| ICR | 20% income | 25 years | No |
Public Service Loan Forgiveness (PSLF)
If you work for a qualifying public service employer (government, nonprofit), you may be eligible for PSLF after 120 qualifying payments (10 years) on an income-driven plan. This can result in significant forgiveness for high-balance borrowers.
Implementation
``javascript
function calculateStudentLoan(principal, rate, years) {
const monthlyRate = rate / 100 / 12;
const months = years * 12;
const payment = principal *
(monthlyRate * Math.pow(1 + monthlyRate, months)) /
(Math.pow(1 + monthlyRate, months) - 1);
const totalPaid = payment * months;
const totalInterest = totalPaid - principal;
return { payment, totalPaid, totalInterest };
}
// Calculate income-driven payment
function calculateIDRPayment(agi, familySize, planType = 'SAVE') {
const povertyGuideline = 15060 + (5380 * (familySize - 1));
const discretionary = Math.max(0, agi - (1.5 * povertyGuideline));
const rate = planType === 'SAVE' ? 0.05 : 0.10;
return (discretionary * rate) / 12;
}
``
Choosing Your Repayment Strategy
Consider your career path, income trajectory, and loan balance when selecting a plan. High earners benefit from aggressive payoff strategies, while those pursuing public service or with high debt-to-income ratios may benefit from income-driven plans with forgiveness. Review your options annually as your financial situation changes.