How do I calculate my student loan payments?

Use our student loan payment calculator to estimate your monthly payments. Enter your loan amount, interest rate, and repayment term. The calculator uses the standard loan formula to determine your monthly payment, total interest, and payoff date for different repayment plans.

What's the difference between federal and private student loans?

Federal student loans offer fixed interest rates, income-driven repayment plans, and loan forgiveness options. Private student loans from banks may have variable rates but sometimes offer lower rates for borrowers with good credit.

Should I choose income-driven repayment or standard repayment?

Income-driven repayment plans lower your monthly payments based on income and family size, but you'll pay more interest over time. Standard repayment has higher monthly payments but less total interest.

How can I pay off my student loans faster?

Make extra payments toward principal, consider biweekly payments, apply tax refunds or bonuses to your loans, and avoid forbearance when possible. Extra payments reduce your total interest and payoff time.

What is Public Service Loan Forgiveness (PSLF)?

PSLF forgives remaining federal student loan debt after 120 qualifying payments while working for a qualifying employer (government or 501(c)(3) nonprofit). You must be on an income-driven repayment plan.

Should I refinance my student loans?

Refinancing can lower your interest rate and monthly payment, but you'll lose federal benefits like income-driven repayment and loan forgiveness. Consider refinancing if you have good credit, stable income, and don't need federal protections.

Student Loan Calculator - Free Education Loan Payment Calculator & Repayment Estimator

Frequently Asked Questions

Calculate your state income tax with our comprehensive state tax calculator. Whether you need a payroll calculator for Georgia, Virginia paycheck calculator, or salary calculator for any state, our tool supports all 50 states plus DC. Estimate your state tax liability, compare federal and state tax rates, and plan your tax withholdings effectively.

Popular State Calculators

• Georgia payroll calculator & GA wage calculator
• Virginia paycheck calculator & VA salary calculator
• Washington wage calculator (no state income tax)
• Federal and state tax calculator for all states

Tax Planning Features

• State income tax estimator with marginal rates
• State tax refund calculator for accurate estimates
• Federal state income tax calculator comparison
• State tax return calculator for planning

State Tax Calculator FAQ

How do I calculate my state income tax?

Use our state income tax calculator by entering your income, filing status, and deductions. The calculator applies your state's tax brackets and rates to estimate your liability.

Which states have no income tax?

Nine states have no state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

How accurate is the payroll calculator for Georgia and Virginia?

Our payroll calculators use current tax rates and brackets for accurate estimates. Georgia has a progressive tax system (1%-5.75%), while Virginia has rates from 2%-5.75%.

Use State Tax Calculator

How to Pay Off Student Loans Faster?

Paying off student loans faster can save you thousands in interest and free you from debt years earlier. Follow this step-by-step guide to accelerate your student loan repayment journey.

Step 1: Understand Your Student Loans

Identify all your loans (federal and private)
Note the interest rates, balances, and minimum payments
Determine which loans have the highest interest rates
Check if you have any subsidized vs. unsubsidized loans

Step 2: Create a Strategic Repayment Plan

Choose the approach that works best for your financial situation:

Avalanche Method

Pay minimum payments on all loans, then put extra money toward the loan with the highest interest rate. This saves the most money over time.

Snowball Method

Pay minimum payments on all loans, then put extra money toward the loan with the smallest balance. This provides psychological wins as you eliminate individual loans.

Step 3: Find Extra Money for Payments

Create a budget that prioritizes loan repayment
Cut unnecessary expenses (subscriptions, dining out)
Consider a side hustle for additional income
Apply tax refunds, bonuses, and gifts to loan payments
Refinance high-interest loans if you qualify for better rates

Step 4: Optimize Your Payment Strategy

Biweekly Payments

Instead of making one monthly payment, make half your payment every two weeks. This results in 26 half-payments (13 full payments) per year instead of 12.

Extra Principal Payments

Specify that extra payments go toward the principal, not future payments. This reduces the balance faster and decreases total interest.

Example: Paying Off a $30,000 Loan Faster

Standard 10-year repayment plan at 5% interest:

Monthly payment: $318
Total interest paid: $8,184

With extra $100/month:

New payoff time: 7.5 years
Total interest paid: $5,966
Interest savings: $2,218

Pro Tip

Even small extra payments can make a big difference. Adding just $20 extra per month to a $20,000 loan at 6% interest can save you $1,000 and shorten your repayment by a year.

Step 5: Consider Loan Forgiveness and Repayment Programs

For federal loans, explore these options:

Public Service Loan Forgiveness (PSLF) for government and non-profit employees
Teacher Loan Forgiveness for qualified educators
Income-driven repayment plans if you're struggling with payments
Employer student loan repayment assistance programs

Important: Before making extra payments, check if you have any prepayment penalties (rare for student loans, but possible with private loans).

Ready to calculate how quickly you can pay off your student loans? Use our student loan calculator above to see how extra payments affect your payoff timeline and total interest.

Federal vs Private Student Loans: Which Is Better?

When financing your education, you'll likely need to choose between federal and private student loans. Each option has distinct advantages and limitations that can significantly impact your financial future. This comparison will help you make an informed decision based on your specific needs.

Key Differences at a Glance

Feature	Federal Student Loans	Private Student Loans
Interest Rates	Fixed rates set by Congress (currently 3.73%-6.28%)	Variable or fixed rates based on credit (1.25%-13.95%)
Credit Check	Not required for most federal loans	Required; better credit = better rates
Cosigner	Not required (except for adverse credit for PLUS loans)	Often required for students with limited credit
Repayment Plans	Multiple options including income-driven plans	Limited options; varies by lender
Loan Forgiveness	Several programs available (PSLF, Teacher, etc.)	Generally not available
Deferment/Forbearance	Standardized options for economic hardship	Limited options; varies by lender
Borrowing Limits	Annual and lifetime limits	Up to cost of attendance; subject to approval
Application Process	FAFSA required	Apply directly with lender

Federal Student Loans: Pros and Cons

Advantages

Fixed interest rates
No credit check for most loans
Income-driven repayment options
Loan forgiveness possibilities
Generous deferment and forbearance options
Subsidized loans available (government pays interest during school)
Death and disability discharge

Disadvantages

Limited borrowing amounts
Loan origination fees
Cannot be discharged in bankruptcy easily
Same rate regardless of credit score
Limited refinancing options
Annual FAFSA required for new loans

Private Student Loans: Pros and Cons

Advantages

Potentially lower rates for excellent credit
Higher borrowing limits
No FAFSA required
Some lenders offer unique benefits
May cover full cost of attendance
Can refinance for better rates later

Disadvantages

Credit check required
Cosigner often needed
Variable rates can increase
Limited repayment flexibility
No forgiveness programs
Limited hardship options
Payments may be required while in school

Which Option Is Better For You?

Federal Loans Are Better If:

You have limited or poor credit history
You plan to work in public service
You want income-driven repayment options
You're concerned about potential financial hardship
You qualify for subsidized loans

Private Loans Are Better If:

You have excellent credit or a creditworthy cosigner
You've maxed out federal loan eligibility
You're attending a high-cost program
You're confident in your future income and ability to repay
You want to shop around for the best interest rates

The Ideal Strategy: A Combined Approach

For most students, the best approach is to:

Exhaust federal loans first, especially subsidized loans
Apply for scholarships and grants to reduce borrowing needs
Consider work-study options to earn while learning
Use private loans to fill the gap if additional funding is needed
Compare multiple private lenders to find the best rates and terms

Important: Always borrow only what you need, not what you're offered. Every dollar borrowed will need to be repaid with interest.

Ready to calculate your student loan payments and compare different repayment options? Use our student loan calculator above to estimate your monthly payments, total interest, and payoff timeline.

Income-Driven Repayment Plans: Complete Guide

Income-driven repayment (IDR) plans can make federal student loans more manageable by capping your monthly payments at a percentage of your discretionary income. This comprehensive guide explains how IDR plans work, the different types available, and how to determine if they're right for your situation.

What Are Income-Driven Repayment Plans?

Income-driven repayment plans are federal student loan repayment options that calculate your monthly payment based on your income and family size rather than your loan balance. These plans are designed to make student loan payments more affordable for borrowers with high debt relative to their income.

Key Benefits of IDR Plans:

Lower monthly payments based on your income
Loan forgiveness after 20-25 years of qualifying payments
Payments that adjust as your income changes
Protection during periods of financial hardship
Eligibility for Public Service Loan Forgiveness (PSLF)

Types of Income-Driven Repayment Plans

Income-Based Repayment (IBR)

Payment Amount: 10% of discretionary income (new borrowers after July 1, 2014) or 15% (earlier borrowers)
Forgiveness Timeline: 20 years (new borrowers) or 25 years (earlier borrowers)
Eligibility: Must have partial financial hardship
Cap: Never exceeds standard 10-year payment amount

Best for: Borrowers with older loans who don't qualify for PAYE

Pay As You Earn (PAYE)

Payment Amount: 10% of discretionary income
Forgiveness Timeline: 20 years
Eligibility: Must be a new borrower as of Oct. 1, 2007, with a disbursement after Oct. 1, 2011
Cap: Never exceeds standard 10-year payment amount

Best for: Recent graduates with high debt-to-income ratios who qualify

Revised Pay As You Earn (REPAYE)

Payment Amount: 10% of discretionary income
Forgiveness Timeline: 20 years (undergraduate loans) or 25 years (graduate loans)
Eligibility: Available to all Direct Loan borrowers regardless of when they borrowed
Cap: No cap; payments can exceed standard 10-year amount if income increases
Interest Subsidy: 50% of unpaid interest is covered

Best for: Borrowers who don't qualify for PAYE and want interest subsidies

Income-Contingent Repayment (ICR)

Payment Amount: Lesser of 20% of discretionary income or fixed payment on 12-year term
Forgiveness Timeline: 25 years
Eligibility: Available to all Direct Loan borrowers
Cap: Based on 12-year payment plan adjusted for income

Best for: Parent PLUS borrowers who consolidate into Direct Consolidation Loans

How Monthly Payments Are Calculated

Your monthly payment under an IDR plan is generally calculated using this formula:

Calculate your discretionary income: Annual income minus 150% of the federal poverty guideline for your family size and state
Multiply your discretionary income by the plan's percentage (10%, 15%, or 20%)
Divide by 12 to get your monthly payment

Example Calculation:

Annual income: $50,000
Family size: 1
150% of poverty guideline: $19,320
Discretionary income: $30,680
REPAYE/PAYE (10%): $3,068 per year or $256 per month

IDR Plan Comparison Calculator

Annual Income ($)

Family Size

Total Loan Balance ($)

Average Interest Rate (%)

Pros and Cons of Income-Driven Repayment

Advantages

Lower monthly payments based on what you can afford
Potential loan forgiveness after 20-25 years
Payments adjust automatically if income decreases
Qualifies for Public Service Loan Forgiveness
Prevents default during financial hardship

Disadvantages

Pay more interest over time due to extended repayment
Loan balance may grow if payments don't cover interest
Forgiven amount may be taxable as income
Annual income certification required
More complex than standard repayment

How to Apply for Income-Driven Repayment

Complete the IDR application on StudentAid.gov or submit a paper form
Provide income documentation (tax returns or pay stubs)
Select your preferred IDR plan or request the lowest payment option
Submit the application to your loan servicer
Recertify your income and family size annually to remain on the plan

Important: Missing the annual recertification deadline will cause your payments to revert to the standard 10-year amount and any unpaid interest will capitalize (be added to your principal).

Want to see how different repayment plans affect your student loans? Use our student loan calculator above to compare standard repayment with income-driven options.

Student Loan Repayment Guide

Repayment Strategies

• Pay more than the minimum when possible
• Consider biweekly payments
• Apply windfalls to principal
• Avoid forbearance unless necessary

Forgiveness Programs

• PSLF for public service workers
• Teacher Loan Forgiveness
• Income-driven forgiveness after 20-25 years
• State-specific programs

Interest Rate Tips

• Consider refinancing for lower rates
• Auto-pay discounts (0.25% typical)
• Federal vs private loan considerations
• Tax deductibility up to $2,500/year

We use cookies to enhance your experience

Cookie Settings

Essential Cookies

Analytics Cookies

Student Loan Repayment Calculator

Student Loan Calculator Guide & Information

What is a Student Loan?

How Student Loan Repayment Works

Student Loan Payment Strategies

Basic Loan Calculator

Compare Repayment Plans

Standard

Graduated

Extended

IDR

Advanced Loan Analysis

Refinancing Analysis

Tax Deduction Calculator

Loan Forgiveness Tracker

Public Service Loan Forgiveness (PSLF)

Teacher Loan Forgiveness

Loan Analysis Results

Payment Breakdown Over Time

Amortization Schedule

Frequently Asked Questions

State Tax Calculator - Calculate Your State Income Tax

Popular State Calculators

Tax Planning Features

State Tax Calculator FAQ

How to Pay Off Student Loans Faster?

Step 1: Understand Your Student Loans

Step 2: Create a Strategic Repayment Plan

Avalanche Method

Snowball Method

Step 3: Find Extra Money for Payments

Step 4: Optimize Your Payment Strategy

Biweekly Payments

Extra Principal Payments

Example: Paying Off a $30,000 Loan Faster

Pro Tip

Step 5: Consider Loan Forgiveness and Repayment Programs

Federal vs Private Student Loans: Which Is Better?

Key Differences at a Glance

Federal Student Loans: Pros and Cons

Advantages

Disadvantages

Private Student Loans: Pros and Cons

Advantages

Disadvantages

Which Option Is Better For You?

Federal Loans Are Better If:

Private Loans Are Better If:

The Ideal Strategy: A Combined Approach

Income-Driven Repayment Plans: Complete Guide

What Are Income-Driven Repayment Plans?

Key Benefits of IDR Plans:

Types of Income-Driven Repayment Plans

Income-Based Repayment (IBR)

Pay As You Earn (PAYE)

Revised Pay As You Earn (REPAYE)

Income-Contingent Repayment (ICR)

How Monthly Payments Are Calculated

IDR Plan Comparison Calculator

Estimated Monthly Payments:

Pros and Cons of Income-Driven Repayment

Advantages

Disadvantages

How to Apply for Income-Driven Repayment

Student Loan Repayment Guide

Repayment Strategies

Forgiveness Programs

Interest Rate Tips