Student Loan Calculator
Calculate your student loan payments and compare repayment plans. See how different strategies affect your total cost and payoff timeline.
Student Loan Summary
Monthly Payment
$398
Fixed payment
Total Interest
$12,754
Loan Details
Your student loan information
2024-25 Federal Rates
Plan Comparison
| Plan | Monthly | Total Interest | Total Paid |
|---|---|---|---|
| Standard (10yr) | $398 | $12,754 | $47,754 |
| Graduated | $210* | $20,071 | $33,901 |
| Extended (25yr) | $237 | $36,094 | $71,094 |
*Starting payment, increases over time
Balance Over Time
Extra Payment Impact
+$50/month
Save ~$2,051 in interest
1y 5m faster
+$100/month
Save ~$3,523 in interest
2y 7m faster
+$200/month
Save ~$5,501 in interest
4y 1m faster
+$500/month
Save ~$8,310 in interest
6y 4m faster
Debt Freedom Journey
7.3% complete
$2,566
of $35,000
25% Paid
$8,750
Quarter of the way there!
Halfway
$17,500
Half your debt is gone!
75% Paid
$26,250
The finish line is in sight!
Debt Free!
$35,000
Congratulations!
$6,184 to 25% Paid
Quarter of the way there!
$8,750
Next milestone
25% Paid
$8,750
Halfway
$17,500
75% Paid
$26,250
Debt Free!
$35,000
What if you refinanced to a lower rate?
See how a lower interest rate could save you money
Personalized Insights
4 insights based on your inputs
Optimal Repayment Plan
The standard 10-year plan minimizes total interest paid. You'll pay $12,754 in interest over the loan term.
Consider PSLF
With $35,000 in loans, if you work in public service, Public Service Loan Forgiveness could save you tens of thousands. Requires 120 qualifying payments on an income-driven plan.
Refinancing Opportunity
At 6.53% APR, refinancing to a lower rate could save you significantly. Current private refinance rates for good credit start around 4-5%. Note: refinancing federal loans loses federal protections.
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Student Loan Summary
Monthly Payment
$398
Fixed payment
Total Interest
$12,754
Quick Answer
The student loan calculator at practicalwebtools.com helps you calculate monthly payments and total cost for federal and private student loans. Enter your loan balance, interest rate, and repayment term to see your payment schedule. Compare standard 10-year repayment with extended and income-driven options.
Key Facts
- Federal student loan rates for 2024-25: 6.53% undergraduate, 8.08% graduate, 9.08% PLUS
- Average student loan debt: $37,000 for bachelor degree graduates
- Standard repayment term is 10 years (120 payments)
- Income-driven plans cap payments at 10-20% of discretionary income
- Public Service Loan Forgiveness (PSLF) forgives balance after 120 qualifying payments
- Private student loan rates vary widely: 4-15% depending on creditworthiness
- Interest capitalizes during deferment/forbearance, increasing total balance
Frequently Asked Questions
Federal student loans offer Standard (10 years, fixed payments), Graduated (starts low, increases every 2 years), Extended (up to 25 years for balances over $30K), and Income-Driven plans (payments based on income, 20-25 year forgiveness). Private loans typically offer fewer options.
For 2024-2025, federal undergraduate Direct Loans have a 6.53% rate. Graduate Direct Loans are 8.08%. Parent/Grad PLUS loans are 9.08%. Rates are set annually on July 1st. Private loan rates vary by lender and credit score, ranging from 3% to 15%+.
Federal loan consolidation simplifies payments but may increase total interest (weighted average rounded up). You may lose benefits like interest subsidies or forgiveness progress. Private refinancing can lower rates if you have good credit but converts federal loans to private, losing federal protections.
PSLF forgives remaining federal Direct Loan balance after 120 qualifying payments (10 years) while working full-time for government or nonprofits. Must be on an income-driven plan. The forgiven amount is tax-free. Apply through StudentAid.gov.
Make extra payments toward principal. Pay biweekly instead of monthly (26 half-payments = 13 full payments/year). Refinance to lower rate if you have good credit. Use windfalls (tax refunds, bonuses) for lump sum payments. Consider employer repayment programs.
Student Loan Summary
Monthly Payment
$398
Fixed payment
Total Interest
$12,754