Student Loan Calculator
Calculate student loan monthly payments, total interest, and payoff timeline. Compare different repayment terms.
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📐 Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1]. Standard term: n=120 months (10 years)
Frequently Asked Questions
For 2024–25: Direct Subsidized/Unsubsidized (undergraduate) 6.53%, Unsubsidized (graduate) 8.08%, Direct PLUS 9.08%. Rates are set annually by Congress based on the 10-year Treasury note.
The standard federal repayment plan is 10 years (120 payments). It results in the least interest paid. Extended plans (20–25 years) lower monthly payments but dramatically increase total interest.
Several programs exist: Public Service Loan Forgiveness (PSLF) after 10 years working for qualifying employers, Income-Driven Repayment (IDR) forgiveness after 20–25 years, and various profession-specific programs. Check studentaid.gov for current status.