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Student Loan & Forgiveness Calculator

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Understanding Student Loans

Student loan payments are calculated using standard amortization. Each monthly payment covers interest first, with the remainder reducing your principal balance.

Federal vs Private Loans

  • Federal Direct Subsidised: Government pays interest while in school (4.99% for 2024–25)
  • Federal Direct Unsubsidised: Interest accrues from disbursement (4.99–6.54%)
  • Private loans: Rates vary widely (4–14%) based on credit and lender
  • PLUS loans: For parents/grad students (7.54% for 2024–25)

Repayment Strategies

  • Standard (10yr): Fixed payments over 120 months — lowest total cost
  • Extended (25yr): Lower monthly payments but much more interest
  • Income-driven: Payments capped at 10–20% of discretionary income
  • Extra payments: Even $50/month extra can save thousands in interest

Frequently Asked Questions

What is the standard repayment plan for federal student loans?
The standard plan is 10 years (120 months) with fixed monthly payments. This results in the least total interest compared to extended or income-driven plans.
How much can I save with extra payments?
Even an extra $50–100 per month can save thousands in interest and shave years off your payoff timeline. Use this calculator with different extra payment amounts to see the impact.
Should I pay off student loans early or invest?
Compare your loan interest rate to expected investment returns. If your loans are above 6–7%, paying them off early is often the better guaranteed return. Below that, investing may yield more over time.
Can I deduct student loan interest on my taxes?
Yes. You can deduct up to $2,500 in student loan interest per year on your federal taxes, even if you don't itemize. The deduction phases out at higher incomes ($85,000–$100,000 for single filers).
How does Public Service Loan Forgiveness (PSLF) work?
PSLF forgives remaining federal student loan debt after 120 qualifying monthly payments (10 years) while working full-time for a qualifying employer (government, 501(c)(3) nonprofits). The forgiven amount is not taxable income. You must be on an income-driven repayment plan to qualify.
What is the difference between SAVE, PAYE, IBR, and ICR plans?
These are income-driven repayment (IDR) plans that cap monthly payments as a percentage of discretionary income. SAVE and PAYE use 10% of discretionary income with forgiveness after 20 years. IBR uses 15% with forgiveness after 25 years. ICR uses 20% with forgiveness after 25 years. Discretionary income thresholds vary by plan.
Is student loan forgiveness taxable?
PSLF forgiveness is always tax-free at the federal level. For IDR forgiveness (non-PSLF), the forgiven amount was temporarily exempt from federal income tax through 2025 under the American Rescue Plan. After 2025, forgiven balances may be treated as taxable income — often called the 'tax bomb.' Check current law before planning.

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Disclaimer

Calculations are estimates for informational purposes only and do not constitute financial advice. Consult a qualified financial professional before making financial decisions.

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