Calculate Monthly Student Loan Payments
Estimate monthly payments for federal and private student loans. Standard, income-driven, and refinanced options.
Student Loan Repayment Options
Standard (10-year): Highest monthly payment but least total interest. Best for borrowers who can afford it. Extended (25-year): Lower payments but 2-3x more total interest. SAVE Plan (income-driven): 10% of discretionary income, 20-25 year forgiveness. Best for public service workers or those with high debt-to-income ratios. Refinance: Replace federal loans with private at a lower rate — but you lose federal protections.
The True Cost of Extended Repayment
A $35,000 loan at 5.5% costs $8,613 in interest over 10 years (standard) but $25,947 over 25 years (extended). The lower monthly payment ($152 vs $380) saves you $228/month but costs an extra $17,334 in total interest. If you choose extended repayment, make extra payments whenever possible to reduce the interest burden.
The average 2024 graduate carries $29,400 in student loan debt. At the standard 10-year repayment, that is $319/month. Every $100/month in extra payments cuts the payoff time by 3-4 years and saves $3,000-5,000 in interest. Even small extra payments have an outsized impact.
