Student Loan Calculator

Student loans behave differently from other consumer debt, and the differences change what the right strategy is.

The first is the federal-versus-private split. Federal loans carry protections private loans generally do not: income-driven repayment, deferment and forbearance options, and potential forgiveness pathways. Refinancing federal loans with a private lender converts them permanently to private terms and forfeits all of that. A lower interest rate can still be worth it, but the trade is irreversible and should be weighed deliberately rather than treated as a pure rate decision.

The second is interest accrual during study and grace periods. Subsidised federal loans do not accrue interest while enrolled; unsubsidised loans and most private loans do. That accrued interest is often capitalised — added to principal — at the end of the grace period, after which you pay interest on the interest. Paying even small amounts during study prevents that capitalisation and can measurably reduce the total.

Income-driven repayment plans set payments as a share of discretionary income. They make payments manageable and can lead to forgiveness after a qualifying period, but a payment below the accruing interest means the balance grows over time even while you pay. That is an acceptable trade if you are pursuing forgiveness and a poor one if you are not, so it is worth being clear which situation you are in.

Enter your balance, rate, and payment above to see the payoff timeline and total interest. Compare the standard schedule against a slightly higher payment — with a long remaining term, modest increases compound into substantial savings. Everything runs in your browser — no login, no upload, and no figure you enter leaves the page.