Student Loan Monthly Payment Calculator

Calculate monthly student loan payments for federal and private loans. Compare standard, extended, and income-driven repayment plans.

💰 Education Finance📐 Monthly Payment = Loan x [r(1+r)^n] / [(1+r)^n-1]
Total loan balance ($)
Interest rate (%)
Repayment term (years)
Estimated monthly income ($)
Please enter valid values.

Formula & Reference

VariableFormulaUnits
Student Loan Monthly Payment CalculatorMonthly Payment = Loan x [r(1+r)^n] / [(1+r)^n-1]$/month

Step-by-Step Examples

Example 1
$35K Federal Loans

$35K, 6.54%, 10-year standard.

  • Monthly: $395/month
  • Total interest: $12,402
  • Total paid: $47,402
✓ $395/month
Example 2
$80K Graduate Loans

$80K, 7.05%, 10 years.

  • Monthly: $930/month
  • Total: $111,608
✓ $930/month
Example 3
Income-Driven

$50K loans, $4K/month income.

  • Standard 10-yr: $554/month
  • IDR estimate (10% income): $400/month
  • Extended 20-yr: $390/month but much more interest paid
✓ $554 standard vs $400 IDR

Real-World Applications

🎓
Students
Calculate student loan payments before borrowing.
💰
Borrowers
Compare repayment plan options after graduation.
📊
Financial Advisors
Help clients plan for student loan repayment.
🏫
Financial Aid Offices
Illustrate loan repayment to prospective students.

Common Mistakes to Avoid

⚠️
Borrowing without a repayment plan

Know your projected monthly payment before borrowing. Rule: total loan payment should not exceed 8-10% of projected gross monthly income. $50K debt on $40K salary = $554/month = 13.9% of gross = very tight.

⚠️
Not understanding federal vs private loans

Federal loans offer income-driven repayment, forbearance, forgiveness programs, and fixed rates. Private loans are less flexible. Exhaust federal loan options before considering private loans.

⚠️
Confusing types of income-driven repayment

IDR plans: SAVE, PAYE, IBR, ICR. Each has different payment percentages (5-20% of discretionary income) and forgiveness timelines (10-25 years). Research which is best for your income and loan types.

Frequently Asked Questions

Current federal student loan rates? ▾
2024-25 rates: Undergrad Direct Subsidized/Unsubsidized: 6.53%. Graduate Unsubsidized: 8.08%. PLUS loans: 9.08%. Private loan rates: 4-17% depending on credit.
What are income-driven repayment plans? ▾
IDR plans cap payments at 5-20% of discretionary income. After 20-25 years, remaining balance is forgiven (taxable income). SAVE plan: 5% of discretionary income for undergrad loans; lowest payment for most borrowers.
What is PSLF? ▾
Public Service Loan Forgiveness: after 10 years (120 payments) in public service (government, 501c3 nonprofits) on an IDR plan, remaining federal loan balance is forgiven tax-free. The most valuable forgiveness program.
How much student loan debt is too much? ▾
General guidance: total debt should not exceed your expected first-year annual salary. $40K salary + $40K debt = manageable. $40K salary + $80K debt = very difficult without IDR plans.
Should I pay extra on student loans? ▾
Depends on interest rates. If your loan rate is 6%+ and you have no high-interest debt (credit cards), paying extra makes sense. If rate is below 5%, investing the extra may have better long-term returns.

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