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US student loan calculator

Estimate your monthly student loan payment, total interest, and total repaid on the Standard plan — and see how income-driven plans differ.

By Mitch Duncan Last reviewed Methodology

Loan details

This models the Standard 10-year plan. Income-driven plans (SAVE, IBR) instead cap payments at a share of discretionary income.

Monthly payment
$325.58
Total interest
$9,069.46
Total paid
$39,069.46

How US student loan repayment works

US federal student loans are amortizing: by default you repay the balance plus interest over 10 years on the Standard Repayment Plan. The monthly payment is fixed, calculated from your balance, your interest rate, and the term — so paying extra or refinancing to a lower rate saves interest.

Payment = P × r ÷ (1 − (1 + r)−n)

Income-driven repayment (IDR)

Instead of the Standard plan, federal borrowers can choose an income-driven plan (such as SAVE, IBR, or PAYE) that caps the monthly payment at a percentage of discretionary income and forgives any remaining balance after 20–25 years. IDR lowers payments for lower earners but can stretch the loan and increase total interest. Public Service Loan Forgiveness (PSLF) can wipe the balance after 120 qualifying payments in eligible public-sector jobs.

Federal vs. private

Private student loans don't offer IDR or federal forgiveness and have their own rates and terms — this calculator models a fixed amortizing schedule, which matches the Standard plan and most private loans. Refinancing federal loans into a private loan gives up IDR and forgiveness, so weigh that carefully.

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Frequently asked questions

How are student loan repayments calculated?
It depends on the country. In the US and Canada you repay an amortizing loan — a fixed monthly payment set by your balance, interest rate, and term. In the UK and Australia repayments are income-contingent: you pay a percentage of income above a threshold, so your salary, not your balance, drives the monthly amount.
What is income-contingent repayment?
It means your repayment is a share of your earnings rather than a fixed amount tied to the balance. UK borrowers repay 9% of income above a threshold; Australian HELP borrowers repay a rising percentage of total income once they cross the threshold. Repayments pause automatically if income falls, and remaining balances are eventually written off.
Should I pay off my student loan early?
For amortizing loans (US/Canada), overpaying reduces total interest and clears the debt sooner. For income-contingent loans (UK/Australia) that are written off after 30–40 years, many borrowers never repay the full balance, so voluntary payments only help if you'd otherwise clear it before write-off. The right answer depends on your system and income.
Does the UK student loan charge interest?
Yes — UK loans accrue interest (linked to RPI), which adds to the balance. But because repayment is 9% of income above the threshold and the balance is written off after 30 years (Plan 2) or 40 years (Plan 5), the interest rate often doesn't change what most borrowers actually repay over their lifetime.
How does Australian HECS-HELP work?
HECS-HELP is income-contingent and interest-free, but the balance is indexed to inflation each year. Once your income passes the threshold (around A$54,000, indexed annually), the ATO withholds a percentage of your whole income that rises in steps with earnings — from roughly 1% up to 10% at the highest band.
Why does my balance barely change my UK or Australian repayment?
Because those repayments are based on income, not the amount owed. Someone earning the same salary repays the same amount whether they owe 20,000 or 60,000 — the balance only affects how long it takes to clear (or whether it's written off first). That's why these systems feel more like a graduate tax than a normal loan.

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