Student Loan Repayment Calculator
Compare repayment terms and see how fast you can clear your student debt.
Your repayment term sets both the monthly payment and the lifetime cost. A $30,000 balance at 6% costs about $333 a month over the 10-year standard plan, but only $250 a month stretched to 20 years, where you pay nearly twice the interest. Enter your balance and rate, then adjust the term to see the trade-off between a lower payment and a faster, cheaper payoff.
These results are estimates for informational purposes only and are not financial, tax, or legal advice. Your actual figures from a lender or the IRS may differ. Consult a qualified professional before making decisions.
Estimated monthly payment
$333.06
Principal vs. interest paid per year
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,258 | $1,739 | $27,742 |
| 2 | $2,397 | $1,599 | $25,344 |
| 3 | $2,545 | $1,451 | $22,799 |
| 4 | $2,702 | $1,294 | $20,097 |
| 5 | $2,869 | $1,128 | $17,228 |
| 6 | $3,046 | $951 | $14,182 |
| 7 | $3,234 | $763 | $10,948 |
| 8 | $3,433 | $563 | $7,515 |
| 9 | $3,645 | $352 | $3,870 |
| 10 | $3,870 | $127 | $0 |
About the Student Loan Repayment Calculator
How you repay a student loan matters as much as how much you borrowed. The federal standard plan fixes equal payments over 10 years and costs the least interest of the fixed options. Extending to a longer term lowers the monthly bill, which can ease a tight budget, but the slower payoff means you hand the lender more interest overall. This calculator lets you move the term and watch both numbers respond, so the cost of buying a smaller payment is visible rather than hidden. Federal borrowers have routes this tool does not model, including income-driven plans that cap the payment at a share of discretionary income and forgive the remaining balance after 20 to 25 years. Those help when earnings are low relative to the balance, though they usually increase total interest. If your goal is to be done sooner, keep the term short and direct any extra payment to principal; federal loans never charge a prepayment penalty, so every additional dollar shortens the schedule.
Frequently asked questions
Which student loan repayment plan is cheapest?+
The 10-year standard plan costs the least total interest among fixed plans because it pays the balance fastest. Longer terms and income-driven plans lower the monthly payment but stretch out interest, so you pay more by the end.
What is an income-driven repayment plan?+
Income-driven plans set your federal loan payment at a percentage of your discretionary income rather than your balance, and forgive what remains after 20 to 25 years. They help when your income is low compared with your debt, but typically raise lifetime interest.
Can I change my repayment plan later?+
Yes. Federal borrowers can switch repayment plans at any time at no cost by contacting their loan servicer. That flexibility lets you start on a lower payment and move to a faster plan once your income rises.
How can I pay off student loans faster?+
Shorten the term, pay biweekly instead of monthly, or add a fixed extra amount to principal each month. Target the highest-rate loan first if you hold several. There is no penalty for paying federal loans ahead of schedule.