Calculate your monthly payment, total interest, and payoff date for federal or private student loans. Grace period interest included.
How your loan balance drops from first payment to payoff.
For informational purposes only. Federal loan rates change annually. Income-driven repayment plans (IBR, SAVE, PAYE) are not modeled here. Contact your servicer for official figures.
For 2025–2026, undergraduate Direct loans are fixed at 6.53%. Graduate Unsubsidized loans are 8.08% and Direct PLUS loans are 9.08%. Rates are set each June based on the 10-year Treasury note and are fixed for the life of that year's loans.
Most federal loans include a 6-month grace period after graduation. For Unsubsidized and PLUS loans, interest accrues during this period and capitalizes when repayment starts — increasing your balance. Subsidized loans do not accrue interest during the grace period.
Federal loans offer fixed rates, income-driven repayment, deferment, forbearance, and forgiveness programs. Private loans have rates set by the lender, fewer protections, and no federal forgiveness eligibility. Always exhaust federal options first.
Generally yes — extra payments cut total interest significantly. However, if your rate is below ~5%, investing the difference (especially in a 401k with employer match) may produce higher net returns. Above 6–7%, prioritizing debt payoff usually wins.
Federal IDR plans (IBR, SAVE, PAYE, ICR) cap your monthly payment at 5–10% of discretionary income and forgive remaining balances after 10–25 years. These plans aren't modeled here — use studentaid.gov's Loan Simulator for IDR estimates.
You can deduct up to $2,500 in student loan interest per year if you meet income limits ($90k single / $185k married for 2025). This is an above-the-line deduction — you don't need to itemize. The deduction phases out above those thresholds.