Student Loan Calculator

Example Calculation

A $40,000 balance at 6.5% on the 10-year standard plan costs $454.19 a month and $14,503 in interest. The 25-year extended plan lowers the payment to $270.08, but the interest rises to $41,025.

The calculator shows these plans side by side, so you can see the trade between a lower payment now and a higher total cost later.

How It Works

Student loan payments depend on the plan you choose. This calculator estimates four common approaches so you can see the trade-off between a lower monthly payment and a lower total cost. Enter your balance, interest rate and the standard term, then choose a plan to highlight; the comparison table always shows all four.

The standard plan uses fixed payments over your selected term, typically 10 years, and usually produces the lowest total interest. The graduated plan starts with smaller payments that step up about every two years, which suits borrowers who expect income growth. The extended plan stretches payments to 25 years, lowering the monthly bill but increasing total interest substantially.

The income-driven option approximates a payment of 10% of discretionary income — income above 150% of the poverty guideline for your family size — capped at the standard payment. Remaining balances may be forgiven after a long repayment period, but unpaid interest can accumulate in the meantime. Actual federal programs, eligibility rules and plan names change over time, so use this as an estimate and confirm current rules at studentaid.gov or with your servicer.

A good way to use this tool: start with the standard plan to see your baseline cost, then check how much a lower payment saves each month versus how much extra interest it adds. If you can afford it, paying extra toward principal on a higher-rate loan shortens the term and reduces interest. Private loans follow lender-specific terms and are not eligible for federal income-driven plans.

Formula Explained

Fixed payment: M = P × r ÷ (1 − (1 + r)−n). Graduated: the starting payment is solved so the loan is repaid in the term with ~20% step-ups every 24 months.

Income-driven estimate: payment = min(standard, 10% × (income − 150% × poverty line) ÷ 12).

Assumptions and limits

• One fixed interest rate on the whole balance, with every payment made on time. Capitalized interest, deferment and forbearance are not modeled.
• Extended is 25 years (300 payments). Graduated payments step up about 20% every 24 months.
• The income-driven line is an approximation, not a real plan. It uses the 2026 HHS poverty guideline of $15,960 for one person plus $5,680 for each additional family member.
• The Repayment Assistance Plan (RAP) that began on July 1, 2026, with payments of up to 10% of adjusted gross income and forgiveness after 30 years, is not modeled. Check studentaid.gov for the plans you are eligible for.
• For loans first disbursed on or after July 1, 2026, the federal standard plan term depends on the balance, from 10 to 25 years. Enter your own term.
• Private loans do not qualify for federal income-driven plans, and forgiven amounts can be taxable income.