CALCZERO.COM

Student Loan Calculator

See what you'll actually pay each month and over the life of your loans. Compare standard, graduated, and income-driven plans to figure out what works for your situation.

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How to Use This Calculator

Comparing student loan repayment options gets complicated fast. This calculator estimates your costs for each repayment plan.

  • Enter your total loan balance. Combine all federal and private loans you're repaying together.
  • Check your loan servicer's website for your weighted average interest rate, or calculate it yourself if you have multiple loans. Federal rates are set annually, while private loans typically range from 4-14%.
  • The subsidized vs. unsubsidized choice matters for grace period costs. Subsidized loans don't accrue interest during school—the government pays it. Unsubsidized loans start accruing the day you receive them.
  • Most graduates stick with the standard 10-year plan, but that's not always smartest if your debt outweighs your income.
  • Don't forget the 6-month grace period. If you have unsubsidized loans, interest is piling up and will get added to your principal balance when repayment starts.
  • Income-driven plans need your current salary and household size. These plans cap payments at 5-10% of discretionary income (what you earn above poverty level for your household size).
  • Lower monthly payments sound great until you see the total cost. Stretching repayment to 25 years can double or triple your interest.

Understanding Student Loan Repayment

Standard Repayment

Fixed payments for 10 years. This is the default, and usually the cheapest option overall. Monthly payments are highest, but you'll pay the least interest and be debt-free fastest.

Best for anyone who can afford the payments and wants to minimize total cost.

Graduated Repayment

Payments start at about half of what Standard would be, then increase every two years. You'll pay more interest because early payments barely touch the principal. By year 8, you might be paying two or three times your starting amount.

Makes sense if you expect your salary to grow significantly.

Extended Repayment

Only available if you owe more than $30,000. Stretches payments over 25 years with lower monthly obligations.

The tradeoff? You'll pay dramatically more interest. We're talking 2-3x what you'd pay on Standard. Use this only if nothing else works.

Income-Driven Repayment Plans

These plans cap your payment at 5-15% of discretionary income depending on which plan you choose. There's SAVE, PAYE, IBR, REPAYE, and ICR. After 20-25 years, any remaining balance gets forgiven.

The tax treatment is currently in flux. IDR forgiveness is tax-free through 2025 under the American Rescue Plan Act. After that, it becomes taxable income again unless Congress extends the break. PSLF forgiveness is always tax-free.

The Grace Period Trap

Federal loans give you six months after graduation before payments start.

If you have unsubsidized loans, interest is accruing the whole time. Then it capitalizes, meaning it gets added to your principal. That $25,000 loan? It's now around $25,750. You're paying interest on interest. Making interest-only payments during grace prevents this.

Subsidized vs Unsubsidized

Subsidized loans don't accrue interest while you're in school, during grace periods, or during deferment. The government covers it. Unsubsidized loans start accruing interest the day you receive the money. Students borrowing unsubsidized loans throughout college often owe thousands more by graduation than they originally borrowed.

Smart Strategies for Repayment

  • If you have unsubsidized loans, paying even small amounts while you're still in school prevents interest from capitalizing. Every bit helps.
  • Target your highest interest rate loans first while making minimum payments on the rest. This avalanche method minimizes what you'll pay overall.
  • Defaulting destroys your credit for seven years and triggers wage garnishment. Unlike credit cards or medical debt, you can't discharge student loans in bankruptcy.
  • Refinancing federal loans means losing income-driven repayment, forbearance, deferment, and forgiveness forever. Only do this if you have stable income, solid savings, and get a meaningful rate reduction.
  • Auto-pay gets you a 0.25% rate cut with most servicers. It's literally free money.
  • Bi-weekly payments accelerate payoff in a way most people don't expect. Pay half your monthly amount every two weeks, and you'll make 13 full payments per year instead of 12. Shaves years off your timeline.
  • IDR forgiveness won't be taxed if it happens before 2026. After that, Congress might extend the tax break or it could become taxable income again. PSLF is always tax-free.
  • PSLF approval rates improved dramatically after 2021 reforms, but requirements are still strict. If you're pursuing this, submit Employment Certification Forms every year.
  • Your federal servicer and StudentAid.gov help for free. Anyone charging upfront fees is running a scam.
  • Forbearance seems helpful, but interest piles up on all your loans and gets added to the principal when it ends. Income-driven plans are better for long-term affordability.

Choosing Your Repayment Plan

Your income, debt load, and career trajectory all matter here.

Standard Repayment

  • You can handle the monthly payments
  • Minimizing total cost matters more than monthly cash flow
  • Your loan balance roughly matches your annual salary or less
  • You have stable employment

Should You Go Graduated?

  • You're starting a career where salaries grow predictably
  • Standard payments stretch your budget now, but won't in a few years
  • You're willing to trade extra interest for breathing room today
  • You still want to be done in 10 years
  • Medical residents, law clerks, and professionals with predictable salary increases

Income-Driven Plans Work When

  • Your debt exceeds your annual income
  • You're pursuing Public Service Loan Forgiveness
  • Monthly cash flow matters more than total cost
  • Your career path is education, nonprofit, social work, or government
  • Standard payments would seriously strain your budget
  • You need flexibility if income fluctuates
  • You're okay with paying more interest over time

Extended: Only If Nothing Else Works

  • Income-driven plans still don't bring payments low enough
  • You're dealing with very large balances where other plans cause negative amortization
  • You fully understand you'll pay 2-3x more in total interest

Loan Forgiveness Programs

Federal forgiveness exists, but the requirements are strict. These are your options:

Public Service Loan Forgiveness

Work full-time for government or a 501(c)(3) nonprofit while making 120 qualifying payments. After 120 payments, your remaining balance is forgiven tax-free.

You must be on an income-driven plan or the standard 10-year plan. Only Direct Loans qualify. If you have FFEL or Perkins loans, consolidate them first. Approval rates jumped after 2021 reforms and the limited waiver. Submit Employment Certification Forms every year to make sure everything counts.

Teacher Loan Forgiveness

Teach for five consecutive years in a low-income school and you can get up to $17,500 forgiven tax-free. The full amount requires teaching math, science, or special education. Other subjects qualify for up to $5,000.

You can't combine this with PSLF for the same years. Pick one path.

Income-Driven Forgiveness

Make payments for 20-25 years depending on your plan, and the remaining balance gets forgiven. Through 2025, that forgiveness is tax-free. After that, it becomes taxable income unless Congress extends the break.

If you end up paying taxes on forgiveness, plan ahead. The tax bill could be substantial. This only works with federal Direct Loans, not private loans.

State Programs

Many states help professionals working in underserved areas. Doctors, nurses, dentists, mental health professionals, lawyers, and teachers can often get assistance. Service requirements usually run 2-5 years in rural or low-income areas. Amounts vary widely, sometimes reaching six figures for physicians.

Watch Out for Scams

Anyone charging upfront fees for forgiveness help is running a scam. All legitimate programs are free through your servicer or StudentAid.gov. If someone asks for money or your FSA ID, report them to the FTC.

Deferment and Forbearance

Both pause your payments temporarily, but they work differently and cost different amounts.

Deferment

You can defer during unemployment, economic hardship, school enrollment, military service, or cancer treatment. With subsidized federal loans, interest doesn't accrue. The government covers it.

Unsubsidized and private loans keep accruing interest, which gets added to your balance when deferment ends. You have to apply and get approved. Always try deferment first if you qualify.

Forbearance

This is for financial hardship, medical expenses, or other situations. The catch? Interest accrues on everything, even subsidized loans. When forbearance ends, that interest gets added to your principal.

You can usually get 12 months at a time, up to three years total. It's a last resort because your balance grows fast.

When These Make Sense

  • You lost your job and need a few months to find new work
  • Medical emergency draining your finances temporarily
  • Short-term disaster or unexpected crisis

Avoid These Situations

  • Ignoring the problem and hoping it goes away
  • Using forbearance repeatedly for years
  • Assuming approval is automatic without applying

Income-Driven Plans Are Usually Better

Ongoing financial trouble? Income-driven repayment beats repeated deferment or forbearance. Your payment might drop to $0 based on income, and those $0 payments count toward forgiveness. Forbearance doesn't count toward anything.

Consolidation vs Refinancing

These options work completely differently, even though they sound similar.

Federal Consolidation

This combines multiple federal loans into one new Direct Consolidation Loan through StudentAid.gov. Your interest rate becomes the weighted average of your existing loans, rounded up slightly. You're not saving money on interest.

The benefits? One simplified payment. Access to income-driven plans if you have older FFEL or Perkins loans. PSLF eligibility for those loan types.

The catch? If you've been making PSLF qualifying payments, consolidation resets your count to zero. You might also lose some borrower benefits. Consolidation itself is free.

Private Refinancing

A bank or online lender pays off your loans and gives you a new private loan at a different rate. With excellent credit and stable income, you might save thousands with a lower rate.

But you lose every federal protection. No income-driven plans. No forgiveness. No deferment or forbearance. No death or disability discharge. Once federal loans become private, there's no going back.

Consolidate When

  • You want one payment instead of juggling multiple servicers
  • Your older FFEL or Perkins loans need to qualify for income-driven plans or PSLF
  • You haven't started PSLF yet

Refinance When

  • You have high-rate private loans and your credit improved
  • Your income is stable, your savings are solid, and your job is secure
  • You'll never need income-driven plans or forgiveness
  • The rate drop is meaningful, at least 1-2%

Never Refinance If

  • PSLF is in your future
  • Your income might fluctuate
  • You work in an unstable industry
  • You lack substantial emergency savings

Marketing Gets Aggressive

Lenders pay referral bonuses, so you'll see refinancing pushed hard. Consider your complete financial situation before refinancing. Federal protections have real value, even if they cost slightly more in interest.