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About the Student Loan Calculator
This Student Loan Calculator estimates your monthly payment, total interest cost, and payoff timeline. Enter basic loan details and get a full repayment breakdown, including estimates for income-driven plans.
For fixed payments, the calculator uses the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1). You provide the loan balance, annual interest rate, and repayment term in years. For income-driven plans, it also uses your annual income and family size to estimate a payment based on discretionary income. Try different term lengths to see how each option changes your total interest, and consider a financial professional for final repayment decisions.
- Enter your loan balance, interest rate, and term.
- Add your income and family size for an income-driven estimate.
- Compare monthly payments and total interest across the plans.