Student Loan Calculator
Overview
Calculate payments for federal and private student loans, compare repayment plans, and see interest savings
Key Facts
| Field | Value |
|---|---|
| Calculator ID | student-loan |
| Category | Finance |
| Vertical | Finance & Economics |
| App route | /verticals/finance/student-loan |
| API endpoint | /api/public/calculate?id=student-loan |
Inputs
| Input ID | Label | Type | Required | Default | Constraints |
|---|---|---|---|---|---|
loanType | Loan Type | select | Yes | federal | - |
loanAmount | Total Loan Amount | currency | Yes | 30000 | min 1000, max 500000, step 1000 |
interestRate | Interest Rate (APR) | percent | Yes | 5.5 | min 0, max 15, step 0.1 |
loanTerm | Repayment Term | select | Yes | 10 | - |
gracePeriod | Grace Period (months) | number | No | 6 | min 0, max 12, step 1 |
extraPayment | Extra Monthly Payment | currency | No | 0 | min 0, max 10000, step 50 |
subsidized | Subsidized During Grace | select | No | no | - |
How to Use
- Select Loan Type — Choose federal or private student loan
- Enter Loan Details — Input total loan amount and interest rate
- Choose Repayment Term — Select 10-year standard or extended repayment plan
- Add Extra Payments — Enter extra monthly payment to see interest savings
Result Surfaces
| Output | Display Type | Format |
|---|---|---|
| Computed results | result-card | - |
Related Calculators
FAQ
Should I choose federal or private student loans?
Always exhaust federal loan options first. Federal loans have fixed rates (4-7%), income-driven repayment options, deferment/forbearance, and potential forgiveness. Private loans (4-14% variable) lack these protections but may offer lower rates for high-credit borrowers.
What is income-driven repayment (IDR)?
IDR plans cap payments at 10-20% of your discretionary income. If payments don't cover interest, remaining balance may be forgiven after 20-25 years. Good option if struggling financially, but increases total interest paid.
How does Public Service Loan Forgiveness (PSLF) work?
Work for government/nonprofit for 10 years while making 120 qualifying payments on an income-driven plan, and remaining balance is forgiven tax-free. Must have Direct Loans (consolidate FFEL/Perkins loans to qualify).
Evidence
src/lib/calculators/registry.ts(metadata)src/lib/calculators/page-registry.ts(page/HowTo metadata)src/lib/calculators/finance/student-loan.ts(calculator config)
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