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).

Should I refinance my student loans?

Only refinance federal loans to private if you have high income, excellent credit (to get rate below 4%), and don't need income-driven repayment or forgiveness options. Refinancing is irreversible - you lose all federal protections.

Student Loan Calculator

Calculate student loan payments for federal and private loans, compare repayment plans, and see how extra payments accelerate payoff

Inputs

Loan Typeⓘ

Total Loan Amountⓘ

Average undergrad: $30K, grad school: $70K+

Interest Rate (APR)ⓘ

Federal: 4-7% (fixed), Private: 4-14% (variable)

Repayment Termⓘ

Standard federal: 10 years, extended: 25 years

Grace Period (months)ⓘ

Federal loans typically have 6-month grace period

Extra Monthly Paymentⓘ

Extra payments reduce interest and payoff time

Subsidized During Graceⓘ

Only federal Direct Subsidized Loans qualify

Enter values to see results

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What is this?

A student loan calculator helps you estimate monthly payments for federal and private student loans. It shows total interest costs, compares repayment plans, and demonstrates how extra payments can save thousands in interest and years of repayment time.

How to use

Select federal or private loan type, enter your total loan amount and interest rate, choose a repayment term, and add any extra monthly payment you can afford. The calculator shows your monthly payment, total interest, and how much you save by paying extra.

Tips

Federal loans (4-7% fixed) are usually better than private (4-14% variable) - exhaust federal options first
Income-Driven Repayment plans cap payments at 10-20% of discretionary income - good if struggling to pay
Pay extra toward highest interest loans first (avalanche method) - saves the most money
Subsidized federal loans don't accrue interest during school/grace - unsubsidized loans start accumulating immediately
Public Service Loan Forgiveness (PSLF) forgives remaining balance after 10 years of qualifying payments
Refinancing federal to private gets lower rate but loses forgiveness/income-driven options - only refinance if high income and no need for protections
Make payments during grace period if unsubsidized - prevents interest capitalization (interest adding to principal)

Disclaimer: This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual results may vary based on lender terms, market conditions, and individual circumstances. Consult a qualified financial advisor before making financial decisions. See our full disclaimer for details.

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