Student Loan Repayment Calculator
Student Loan Repayment Plan Calculator: Calculate, Compare & Save
Managing student loans can be overwhelming, but the Student Loan Repayment Plan Calculator makes it easy to calculate monthly payments, compare repayment plans, and save money. Whether you are looking for a standard, extended, federal, or income-driven repayment plan, this calculator helps you make smart financial decisions.
Try the calculator now to see how much you can save and find the best repayment plan for your loan.
How to Calculate Student Loan Repayment
Calculating student loan repayment depends on three main factors: loan amount, interest rate, and repayment term.
Formula:
Monthly Payment (M) = P × [r(1 + r)^n] / [(1 + r)^n – 1]
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Number of months
Use a student loan repayment plan calculator to instantly estimate monthly payments, total interest, and payoff time.
Standard Student Loan Repayment Plan Calculator
The standard repayment plan typically lasts 10 years with fixed monthly payments. Ideal for borrowers who want to pay off loans faster and save on interest.
- Example: $30,000 loan at 5% APR → ~$318/month for 10 years
Federal Student Loan Repayment Plan Calculator
Federal student loans offer several options including Standard, Extended, and Income-Driven plans. A federal student loan repayment plan calculator helps you:
- Compare monthly payments and total interest
- Adjust loan term or APR
- Choose the plan that fits your budget
Extended Student Loan Repayment Plan Calculator
Extended plans allow repayment over up to 25 years, lowering monthly payments but increasing total interest.
- Example: $30,000 loan at 5% APR → ~$197/month for 25 years
Income-Driven Student Loan Repayment Plan Calculator
Income-driven plans adjust payments based on income and family size. Common types: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised PAYE (REPAYE).
- Example: $30,000 loan with annual income $35,000 → ~$150/month
Use an income-driven student loan repayment plan calculator to estimate affordable payments and avoid overpaying.
How Much Would a $30,000 Student Loan Be Monthly?
Monthly payments vary depending on the repayment plan:
| Plan Type | Term | Monthly Payment |
|---|---|---|
| Standard | 10 years | ~$318 |
| Extended | 25 years | ~$197 |
| Income-Driven | Based on income | ~$150+ |
A new student loan repayment plan calculator provides exact numbers for your situation.
Best Student Loan Repayment Plan Calculator
The best calculator allows you to:
- Compare multiple repayment plans side by side
- Adjust loan amount, interest rate, and term
- Estimate total interest paid
- Identify the plan that saves the most money
Save with a Student Loan Repayment Plan Calculator
Using a calculator helps you:
- Save money on interest by picking the right term
- Avoid default by selecting affordable monthly payments
- Plan finances effectively for long-term stability
FAQs
1. How to calculate student loan repayment?
Use the formula M = P × [r(1 + r)^n] / [(1 + r)^n – 1], or a calculator to see exact payments.
2. What is Plan 1 or Plan 2 student loan?
- Plan 1: Older loans, lower interest, fixed term
- Plan 2: Newer loans, repayment based on income
3. How much would a $30,000 student loan be monthly?
Standard → ~$318/month, Extended → ~$197/month, Income-driven → ~$150+ depending on income.
4. How to calculate loan repayment formula?
Monthly payment = Principal × [monthly interest × (1+monthly interest)^months] ÷ [(1+monthly interest)^months – 1]