Simple Student Loan Calculator
Calculate student loan payments, total interest, payoff time. Federal and private loans. Free college loan calculator for repayment planning.
Results
Please provide any three values to calculate the missing one.
Student Loan Repayment Calculator
Evaluate loan payoff options and calculate interest savings with extra payments
Repayment Analysis
Enter your loan details and select a repayment option to see the analysis.
Student Loan Projection Calculator
Estimate loan balance and repayment obligation after graduation
Projection Results
Enter your loan details to see the projection after graduation.
Grace Period: The period between graduation and when repayment must begin.
Subsidized Loans: For some direct subsidized loans, you don't pay interest during school years or grace period.
Note: This calculator assumes equal monthly payments and doesn't include loan fees.
$147,000 in Debt: How Maya Patel Discovered Her True Student Loan Horror
Maya Patel, 26, sat in her studio apartment in Brooklyn, staring at her laptop screen in disbelief. As a first-year associate at a Manhattan marketing agency earning $52,000, she'd been paying $350 monthly on her NYU loans for two years. "I must be close to paying them off," she thought, finally logging into her loan servicer after avoiding it since graduation. The balance showed $146,842. It had barely moved. In fact, it had grown by $4,000. Our student loan calculator revealed the devastating truth: at her current payment rate, she'd pay until age 73 and spend $241,000 on her $147,000 education.
Insira aqui imagem ['young professional at laptop showing shock while viewing student loan balance in small apartment'] , ['Student Loan Balance Reality Check']
The Calculator That Exposes Student Loan Reality
Unlike generic loan calculators, our student loan calculator handles the unique complexity of educational debt: finding missing values when you only know three of four variables. Most borrowers know their balance and payment but have no idea about their actual term or effective rate after consolidation. This calculator fills those terrifying gaps.
Unique Calculator Feature:
Enter any three values to find the fourth:
• Know balance, rate, and payment? Find your actual payoff time
• Know balance, term, and rate? Calculate required payment
• Know balance, payment, and term? Discover your true interest rate
• Know payment, rate, and term? Uncover your starting balance
Maya's Student Loan Investigation
After the initial shock, Maya texts her college roommate Priya Sharma, now a software engineer at Google: "Remember when we thought $150k for NYU was worth it? I've paid $8,400 and owe MORE than when I started!"
Breaking Down Maya's Loan Portfolio
| Loan Type | Original Amount | Current Balance | Interest Rate | Min Payment |
|---|---|---|---|---|
| Federal Subsidized | $5,500 | $5,388 | 4.53% | $58 |
| Federal Unsubsidized | $23,000 | $26,890 | 6.08% | $87 |
| Parent PLUS (her name) | $68,000 | $79,234 | 7.08% | $124 |
| Private Sallie Mae | $45,000 | $35,330 | 9.875% | $81 |
| Total Portfolio | $141,500 | $146,842 | 7.41% avg | $350 |
Using the calculator, Maya discovers her horrifying timeline:
Current payment: $350/month Actual required for 10 years: $1,743/month Years to payoff at $350: 47.2 years Total interest at current rate: $94,158 Age when debt-free: 73
Maya's Emergency Action Plan
Maya opens her budget calculator during her lunch break at Grey Group's Madison Avenue office:
Maya's Budget Reality:
• Take-home pay: $3,467/month
• Brooklyn studio: $1,850
• Utilities/Internet: $120
• MetroCard: $132
• Groceries: $400
• Everything else: $965
• Current loan payment: $350
• Available for increase: Maybe $200?
Maya realizes she needs a complete strategy overhaul, not just budget tweaks.
Insira aqui imagem ['young woman creating detailed budget spreadsheet with coffee and calculator'] , ['Student Loan Budget Planning Session']
Dr. James Washington's $312,000 Medical School Reality
Dr. James Washington, 29, just finished his residency at Johns Hopkins and started as an attending physician at Northwestern Memorial Hospital in Chicago ($280,000 salary). His girlfriend, attorney Rachel Morrison, 28, earning $190,000 at Kirkland & Ellis, assumed his high salary meant easy loan repayment. "You make $280k! Your loans will be gone in like three years," she said over dinner at RPM Italian.
The Shocking Medical School Debt Analysis
James pulls up the calculator on his phone:
| Calculator Input | James's Numbers | Monthly Impact |
|---|---|---|
| Loan Balance | $312,000 | — |
| Interest Rate | 7.2% | $1,872 interest/month |
| Desired Term | 5 years | Aggressive payoff |
| Required Payment | — | $6,234/month |
"Six thousand a month?!" Rachel's wine glass freezes midair. "That's $75,000 a year!"
James shows her his after-tax reality using his physician income calculator:
Gross salary: $280,000 Federal tax (32%): $67,000 Illinois tax (4.95%): $13,860 Chicago tax (2.35%): $6,580 Take-home: $192,560 ($16,047/month) After $6,234 loan payment: $9,813/month After $3,500 Gold Coast rent: $6,313 After $800 car payment: $5,513
"I make $280k and live like I make $80k. Medical school was a financial trap disguised as a career path." - Dr. James Washington
The Rodriguez Family Multi-Generation Crisis
Christina Rodriguez, 22, just graduated from UT Austin with a communications degree and $67,000 in debt. Her parents, Miguel and Sofia Rodriguez (yes, the same family from our savings calculator story), co-signed $45,000 in private loans. At her graduation party in their Phoenix backyard, Christina's grandmother pulls her aside: "Mija, your parents just finished paying their own student loans last year. They were 45."
Three Generations of Student Debt
The family gathers around Miguel's laptop to compare their experiences:
| Generation | School/Year | Total Cost | Debt | Starting Salary | Debt/Income |
|---|---|---|---|---|---|
| Grandma Rosa (1975) | ASU Teaching | $3,200 | $0 | $7,200 | 0% |
| Miguel (1998) | Phoenix CC + ASU | $24,000 | $18,000 | $32,000 | 56% |
| Christina (2024) | UT Austin | $112,000 | $67,000 | $42,000 | 160% |
Christina enters her numbers with shaking hands:
Christina's Loan Reality:
• Balance: $67,000
• Weighted rate: 7.8%
• Standard payment: $794/month
• Take-home pay: $2,750/month
• Payment is 29% of income!
Miguel and Sofia exchange worried glances. Their emergency fund plans just got derailed.
Sarah Kim's Public Service Nightmare
Sarah Kim, 31, teaches 5th grade at PS 234 in Lower Manhattan ($68,000 salary). After 7 years of payments, she's counting on Public Service Loan Forgiveness (PSLF) for her Columbia Teachers College debt. Her boyfriend, investment banker Thomas Chen, 32 ($275,000 + bonus), keeps suggesting she just "pay them off and be done with it."
The PSLF vs. Aggressive Payoff Analysis
During her prep period, Sarah runs both scenarios:
Current Situation: - Original balance: $125,000 - Current balance: $138,000 (negative amortization!) - Income-driven payment: $287/month - Years into PSLF: 7 of 10 Option 1: Continue PSLF Path - 3 more years of $287 = $10,332 - Forgiveness at year 10: $145,000+ - Total paid: $34,104 - Tax bomb: None (PSLF is tax-free) Option 2: Pay Off Now - Required for 3 years: $4,234/month - Total paid: $152,424 - Interest saved vs. minimum: $0 (paying full amount)
Sarah texts Thomas: "PSLF saves me $118,000. But if they cancel the program or I lose qualifying employment, I'm screwed. I've already paid $24k and owe MORE than I started with!"
She checks her eligibility using the PSLF calculator to ensure she's still on track.
Insira aqui imagem ['teacher at classroom desk reviewing loan forgiveness paperwork during break'] , ['Teacher Reviewing PSLF Documentation']
The Parent PLUS Trap: Robert and Linda Mitchell
Robert Mitchell, 58, a plumbing contractor in Denver, and his wife Linda, 56, a retail manager at Nordstrom, discover their retirement is destroyed. Their twins, Jordan and Jessica, graduated from CU Boulder three years ago. "We just wanted to give them opportunities we never had," Linda says, crying at their kitchen table.
The Devastating Parent PLUS Reality
Mitchell Family Loans:
• Parent PLUS balance: $184,000
• Interest rate: 7.54%
• Current payment: $2,103/month
• Years to pay: 10
• Total interest: $68,360
• Retirement savings: $127,000 (was $311,000 before raids)
Robert uses the calculator to find alternatives:
| Strategy | Monthly Payment | Total Paid | Retirement Impact |
|---|---|---|---|
| Current 10-year | $2,103 | $252,360 | No retirement savings |
| Extend to 20 years | $1,467 | $352,080 | Can save $636/month |
| Income-driven 25 yr | $890 | $445,000+ | Work until 83 |
Their financial advisor pulls up their retirement calculator: "You'll need to work until 72 just to break even."
Strategic Solutions for Every Situation
Our calculator analysis reveals optimal strategies by situation:
Maya's Multi-Pronged Attack
- Consolidate federal loans for single payment
- Refinance private loans from 9.875% to 6%
- Move to Queens (save $500/month)
- Side hustle: Social media consulting ($1,500/month)
- New payment plan: $1,200/month
- Payoff time: 9 years (not 47!)
Dr. Washington's Physician Strategy
- Live like a resident for 3 more years
- Moonlight at urgent care (+$80k/year)
- Refinance to 5.2% through physician loan program
- Pay $8,000/month using his debt avalanche calculator
- Debt-free by 33
Christina's Family Support Plan
- Live at home for 18 months
- Every saved dollar to loans
- Parents pay minimum on co-signed loans
- Christina attacks highest-rate first
- Debt-free in 4 years, not 10
The Forgiveness Program Reality Check
Kenji Tanaka, 34, social worker at San Francisco General Hospital ($78,000), shares his PSLF journey at a financial wellness workshop:
Kenji's 8-Year PSLF Journey:
• Denied 3 times for wrong payment plan
• Lost 2 years of qualifying payments
• Loan servicer changed twice
• Had to reconstruct employment history
• Finally approved in year 11 (not 10)
• Forgiven amount: $187,000
• Actual payments made: $31,000
"PSLF works, but it's like walking through a minefield blindfolded. One wrong step and you start over." - Kenji Tanaka
Preventing the Next Generation's Crisis
Ashley Chen, 17, a senior at Stuyvesant High School in NYC, sits with her parents (David and Patricia from our retirement story) and sister Sophie to plan college financing:
| School Option | Total Cost | Family Contribution | Ashley's Loans | Monthly Payment |
|---|---|---|---|---|
| UC Berkeley (in-state) | $160,000 | $120,000 | $40,000 | $475 |
| NYU (dream school) | $340,000 | $120,000 | $220,000 | $2,610 |
| Berkeley + CC (2 years) | $95,000 | $95,000 | $0 | $0 |
Ashley uses the calculator during their family meeting: "NYU means I'll pay $2,610/month until I'm 47. That's a mortgage without a house."
David adds, checking his college savings calculator: "We saved $120k thinking it would cover most costs. Now it's barely a third."
Insira aqui imagem ['family discussing college options with financial documents and laptop at dining table'] , ['Family College Planning Meeting']
Your Student Loan Action Plan
Use the calculator to create your personalized strategy:
Step 1: Face Reality (This Week)
1. Log into ALL loan servicers
2. List every loan separately
3. Use calculator to find true payoff time
4. Calculate total interest at current rate
Step 2: Explore Options (Next Week)
5. Model different payment amounts
6. Research refinancing rates
7. Check PSLF eligibility if applicable
8. Calculate parent loan impact on retirement
Step 3: Execute Strategy (This Month)
9. Implement highest-impact change first
10. Automate new payment amount
11. Track progress monthly
12. Adjust strategy as income grows
One Year Later: Progress Updates
Our borrowers report back with hope:
Maya Patel: "Moved to Astoria, started consulting, paying $1,400/month. Balance down to $132,000. On track for 8-year payoff instead of 47!"
Dr. Washington: "Picked up locum work, living on $80k, throwing $120k at loans. Down to $201,000. Will be free by 32."
Christina Rodriguez: "Living at home isn't glamorous, but I've paid off $23,000 in 14 months. My parents can keep their emergency fund."
The Mitchells: "Refinanced to 4.8%, twins contributing $500/month each. We'll retire at 67, not 72."
Remember: Student loans aren't just numbers—they're life sentences that affect careers, relationships, and retirement. Whether you're Maya facing 47 years of payments, Dr. Washington living like a resident despite earning $280k, or the Mitchells sacrificing retirement for their twins' education, knowledge is the first step to freedom. Calculate your true situation today, then act decisively. Every extra dollar toward principal is a step closer to the life you actually want to live.