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📘 Understanding Student Loans in the US

Federal Student Loans (subsidized/unsubsidized, PLUS, consolidation) generally offer lower interest rates, income-driven repayment plans, and potential forgiveness. Private student loans from banks often have variable rates and fewer protections.

📌 Key Concepts

Standard Repayment: Fixed monthly payments over 10 years.
Income-Driven Plans: Payments based on income (10-20% of discretionary income).
Loan Forgiveness: Public Service Loan Forgiveness (PSLF) after 120 qualifying payments.
Capitalization: Unpaid interest added to principal (increases total cost).

💰 How to Use This Calculator

Simple Payment: Enter balance, rate, and term → see monthly payment and total interest.
Extra Payment: See how extra monthly, yearly, or one-time payments reduce payoff time and save interest.
Future Projection: Estimate balance at graduation (including new loans and accrued interest) then calculate repayment amount.
💡 Tip: Even small extra payments can save thousands over the life of your loan.

⚠️ Important Notes

• Subsidized loans: Government pays interest while you're in school (grace period).
• Unsubsidized loans: Interest accrues immediately — capitalizes at graduation.
• Consider refinancing private loans for lower rates (but lose federal protections).
• This calculator provides estimates — consult your loan servicer for exact terms.

Disclaimer: Results are estimates for educational purposes. Actual loan terms, fees, and interest accrual may vary. Not financial advice.