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Student Loan Calculator

Compare standard and income-driven repayment plans for student loans.

Introduction

Student Loan Calculator — Compare standard and income-driven repayment plans for student loans. Enter Loan amount, Annual rate (%), Term (years), Annual income, Poverty line to get an instant, accurate result.

Formula

Standard plan uses the amortizing-loan formula for a fixed monthly payment. Income-driven repayment (IDR) estimates payment as 10% of discretionary income, where discretionary income = annual income − 1.5 × the poverty line.

Step-by-step

  1. Enter the Loan amount.
  2. Enter the Annual rate (%).
  3. Enter the Term (years).
  4. Enter the Annual income.
  5. Enter the Poverty line.
  6. Click Calculate to see your result instantly.

Real-world example

Example: With Loan amount = 30000, Annual rate (%) = 5.5, Term (years) = 10, Annual income = 45000, Poverty line = 15060, the Student Loan Calculator gives Standard Monthly Payment: 325.5788, Standard Total Paid: 39069.4601, Idr Monthly Payment: 186.75.

Frequently Asked Questions

What is "discretionary income"?
It is your annual income minus 150% of the poverty line, a common baseline used by IDR plans — actual federal plans vary in the exact percentage and threshold used.
Is the IDR estimate exact?
No, it is a simplified approximation of the general IDR structure — real plans (SAVE, IBR, PAYE, etc.) have differing rules, caps, and forgiveness terms.
What inputs does the Student Loan Calculator need?
You'll need to provide: Loan amount, Annual rate (%), Term (years), Annual income, Poverty line. All fields use sensible defaults, so you can see a working example immediately and then adjust the values to match your own numbers.
How accurate is the Student Loan Calculator?
The Student Loan Calculator applies the formula exactly as calculated — Standard plan uses the amortizing-loan formula for a fixed monthly payment. Income-driven repayment (IDR) estimates payment as 10% of discretionary income, where discretionary income = annual income − 1.5 × the poverty line. — so results are precise for the inputs you provide. Accuracy depends on entering correct, realistic input values.
Are these results guaranteed?
No. The Student Loan Calculator gives an estimate based on the numbers you enter and standard financial formulas — actual rates, fees, taxes, and terms vary by lender, institution, and jurisdiction, and can change over time. This is not financial advice; consult a qualified financial professional for decisions specific to your situation.
Is the Student Loan Calculator free to use?
Yes, the Student Loan Calculator is completely free, requires no signup, and runs instantly in your browser.

About the Student Loan Calculator

The Student Loan Calculator uses a real, verifiable formula — Standard plan uses the amortizing-loan formula for a fixed monthly payment. Income-driven repayment (IDR) estimates payment as 10% of discretionary income, where discretionary income = annual income − 1.5 × the poverty line. — so results are accurate every time, not an approximation.