Calculate monthly payments for federal or private student loans. Compare repayment plans.
| Loan Type | Rate | Borrower |
|---|---|---|
| Direct Subsidized | 5.50% | Undergraduate |
| Direct Unsubsidized | 5.50% | Undergraduate |
| Direct Unsubsidized | 7.05% | Graduate |
| Direct PLUS | 8.05% | Parents / Graduate |
| Private (Good Credit) | 4.5%-8% | Varies by lender |
| Private (Fair Credit) | 8%-14% | May need co-signer |
| Plan | Term | Monthly | Total Paid | Total Interest |
|---|
Pay minimums on all loans, then put extra money toward the highest interest rate loan first. This saves the most money mathematically.
Pay minimums on all loans, then put extra money toward the smallest balance first. Psychologically motivating as you eliminate loans faster.
Federal borrowers can cap payments at 10-20% of discretionary income. After 20-25 years, remaining balance is forgiven (may be taxable). Best for: low-income borrowers with high balances.
If you work for government or nonprofit: 10 years of IDR payments, then the rest is forgiven tax-free. Must be federal Direct Loans only.