Calculate your monthly student loan payments and total repayment cost. See how different repayment terms and extra payments affect your payoff timeline and total interest.
Total amount owed
Annual interest rate
Optional additional payment
Monthly Payment
$397.95
Total Interest
$12,754
Total Paid
$47,754
Payoff Time
10 yr
$47,754
Total Paid
You pay $12,754 extra in interest
That's 27% of your total payments
Standard (10 yr)
Fixed payments over 10 years
Extended (20 yr)
Lower payments, more interest
Extended (25 yr)
Lowest payments, most interest
Entry ($35k)
13.6%
of gross income
Mid ($55k)
8.7%
of gross income
Senior ($75k)
6.4%
of gross income
Student loans are one of the most common forms of debt in the United States, with over 43 million borrowers carrying a combined $1.7 trillion in student debt. Understanding your repayment options and the true cost of your loans is the first step toward creating a solid payoff strategy. Even small changes in your repayment approach can save thousands of dollars over the life of your loans.
Federal student loan rates are set annually by Congress. For the 2024-2025 academic year, undergraduate direct loans have a rate of 6.53%, graduate direct loans are 8.08%, and PLUS loans are 9.08%. Private loan rates vary widely based on credit score and lender, typically ranging from 4% to 15%.
The standard federal repayment plan is 10 years (120 monthly payments) with fixed payments. This plan results in the least total interest paid. Extended plans stretch to 25 years with lower monthly payments but significantly more total interest. Income-driven plans adjust payments based on your income.
Making extra payments can save thousands in interest and help you become debt-free sooner. Even an extra $50-100 per month can shave years off your repayment timeline. However, first ensure you have an emergency fund and are getting any employer 401(k) match. Use this calculator to see the impact of extra payments on your loans.
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