Student Loan Repayment (US)
Calculate US student loan monthly payments, total interest, and amortization schedule for federal and private loans. Free tool with charts for any balance, rate, and term.
About This Calculator
The Student Loan Repayment Calculator (US) helps borrowers estimate their monthly payments, total interest costs, and full repayment schedule for both federal and private student loans. Simply enter your current loan balance, annual interest rate, and desired repayment term to see how much you'll pay each month and over the life of the loan.
Our calculator uses the standard amortization formula used by all major US loan servicers including Nelnet, MOHELA, Aidvantage, and Edfinancial. The monthly payment is computed as M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the principal balance, r is the monthly interest rate, and n is the total number of monthly payments. The yearly amortization table shows exactly how each payment is split between principal and interest, plus the remaining balance after each year.
US Student Loan Repayment Options
Standard Repayment Plan: Fixed payments over 10 years (120 months). This is the default plan for all federal Direct Loans and results in the lowest total interest cost. Monthly payments are at least $50.
Graduated Repayment Plan: Lower payments that increase every two years over a 10-year term. Ideal for borrowers expecting rising income. You'll pay more in total interest than the standard plan.
Extended Repayment Plan: Available to borrowers with over $30,000 in Direct Loans. Payments can be fixed or graduated over a 25-year term, significantly lowering monthly payments but increasing total interest.
Income-Driven Repayment (IDR) Plans: SAVE, PAYE, IBR, and ICR plans cap monthly payments at 10-20% of discretionary income and offer forgiveness after 20-25 years. Use this calculator to compare IDR payments with standard repayment.
Note: This calculator provides estimates only. For exact payoff figures, contact your loan servicer. Interest rates shown are examples -- check with the Department of Education or your private lender for current rates.
Frequently Asked Questions
How is my monthly student loan payment calculated?
Your monthly payment is calculated using the standard amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan balance, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This is the same formula used by federal student loan servicers like Nelnet and MOHELA.
What is the standard repayment term for US federal student loans?
The standard repayment term for US federal Direct Loans is 10 years (120 monthly payments). Extended repayment plans allow terms up to 25 years for borrowers with over $30,000 in Direct Loans. Private lenders typically offer terms from 5 to 20 years, depending on the loan amount and creditworthiness.
What are current US federal student loan interest rates?
Federal student loan interest rates are set annually each May for the upcoming award year (July 1 - June 30). For the 2025-2026 award year, Direct Subsidized and Unsubsidized Loans for undergraduates have a fixed rate of 6.53%. Direct Unsubsidized Loans for graduate or professional students have a rate of 8.08%. Direct PLUS Loans for parents and graduate students have a rate of 9.08%. These rates change each year based on the 10-year Treasury note auction. Private student loan rates range from about 4% to 15% depending on credit. Always check StudentAid.gov for the current year's official rates.
Can I pay off my student loans early without penalty?
Yes, federal student loans have no prepayment penalty, so you can always pay more than the minimum monthly payment without any fees. Private student loans may have prepayment penalties, so check your loan contract. Making extra payments directly toward the principal can significantly reduce total interest and shorten your repayment term.
What is the difference between subsidized and unsubsidized student loans?
Subsidized loans are available only to undergraduate students with demonstrated financial need. The US Department of Education pays the interest while you're in school at least half-time, during the grace period, and during deferment. Unsubsidized loans are available to both undergraduate and graduate students regardless of financial need, and interest accrues from the date of disbursement.
What happens if I miss a student loan payment?
Missing a student loan payment can result in late fees, negative credit reporting, and after 90 days, your loan servicer may report the delinquency to credit bureaus. Federal loans go into default after 270 days of non-payment, which can lead to wage garnishment, tax refund seizure, and loss of deferment and forbearance options.
How does student loan interest capitalization work?
Capitalization occurs when unpaid accrued interest is added to your principal balance, increasing the total amount you owe interest on. For federal student loans, capitalization typically happens after the grace period ends, after deferment or forbearance ends, when you consolidate, or if you default. Paying at least the accrued interest before capitalization can save you money.
Are there income-driven repayment plans for federal student loans?
Yes, the US government offers several income-driven repayment (IDR) plans including SAVE (Saving on a Valuable Education), PAYE (Pay As You Earn), IBR (Income-Based Repayment), and ICR (Income-Contingent Repayment). These plans cap monthly payments at 10-20% of discretionary income and offer loan forgiveness after 20-25 years of qualifying payments.