Federal and private student loans can carry very different interest rates and repayment terms, which makes it hard to know what your actual monthly payment will look like once you’re out of school and payments kick in. A student loan calculator lets you plug in your balance, interest rate, and repayment term to see a realistic monthly payment before you’re locked into a plan.
This becomes especially important when comparing repayment options like standard 10-year plans against income-driven repayment plans, which stretch payments out longer but can significantly change your total interest paid over the life of the loan. If you’re also carrying credit card debt alongside student loans, it’s worth checking our credit card payoff calculator to see which debt is costing you more in interest right now.
Before choosing a repayment plan, run your loan balance and rate through our free student loan calculator to see your actual monthly payment and total interest cost. And once you’re weighing how student loan payments fit into your broader budget, our take-home salary calculator shows what you’ll actually have left to work with each month.