Student Loan Repayment Calculator

Author: Disabled World - Contact Details
Published: 2011/10/27 - Updated: 2023/11/19
Peer-Reviewed: N/A - Publication Type: Charts / Graphs / Tables
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Synopsis: Student loan repayment calculator, includes income based repayments chart, information on cancellation, consolidation, deferment and discharge of student loans. In the U.S. there are three types of student loans, 2 of them are federally subsidized and unsubsidized sponsored by the federal government and the other is private student loans. The Master Promissory Note is an agreement between the lender and the borrower that promises to repay the loan. It is a binding legal contract.


Main Digest

This article contains information on cancellation, consolidation, deferment, and discharge of U.S. student loans.

NOTE: If you wish to calculate your student loan repayments see our calculator and income based repayment chart at the bottom of the article.

Types of Student Loans

In the United States, there are three types of student loans:

Two of them are federally subsidized and unsubsidized sponsored by the federal government and the other type is private student loans.

The unsubsidized program allows students to borrow money with interest accruing during school and subsidized loans allow them to defer interest accrual until they are no longer in school. Student loans may be offered as part of a total financial aid package that may also include grants, scholarships, and/or work study opportunities.

A student loan has some major differences over conventional loans:

What is a Master Promissory Note?

The Master Promissory Note is an agreement between the lender and the borrower that promises to repay the loan. It is a binding legal contract. Direct student loans can be obtained by filling out the government FAFSA form, and each school will determine eligibility of a student for direct federal loans. In general, you must repay your loan even if you don't graduate, can't find work in your field of study, or are dissatisfied with the education program. However there are some exceptions.

Student Loan Borrower Grace Periods

After you graduate, leave school, or drop below half-time enrollment, you have a period of time before you have to begin repayment. This "grace period" will be:

Student Loan Deferment and Forbearance

A deferment is a postponement of payment on a loan, during which interest does not accrue if the loan is subsidized. You may qualify for a deferment while you are:

Loan Discharge Due to Disability, Bankruptcy, or Death

Under certain circumstances you may be able to cancel your student loan obligations, defer payments, or negotiate a more suitable payment plan - Debt Relief - Finding Legitimate Alternatives to Student Loan Consolidation.

Student Loan Cancellation

Teacher service - If you are a new borrower (You are considered a new borrower if you did not have an outstanding balance on an FFEL or Direct Loan on Oct. 1, 1998, or on the date you obtained an FFEL or Direct Loan after Oct. 1, 1998) and are a full-time teacher in a low-income elementary or secondary school for 5 consecutive years, you may be able to have as much as $17,500 of your subsidized or unsubsidized loans canceled. This provision is not available for borrowers of PLUS Loans.

If you are employed in certain public service jobs and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven.

School Related Discharges

In certain cases, you may be able to have all or a part of your loan canceled due to:

Student Loan Consolidation

There may be advantages to consolidating (combining) your federal student loans into one loan, starting with the convenience of making a single monthly payment. Consolidation generally extends the repayment period, resulting in a lower monthly payment. This may make it easier for you to repay your loans. However, you will pay more interest if you extend your repayment period through consolidation since you will be making payments for a longer period of time.

The Direct Loans Consolidation website has a loan consolidation calculator you can use to find out how much you'll pay each month if you consolidate.

Student Loan Calculator and Repayment Schedule

NOTE: This calculator is to be considered as a guide to student loan re-payments and the results of this student loan payment calculator are for comparison purposes only. Please consult your lending institution or financial adviser before making any decisions.

Student Loan Calculator
Amount of Student Loan:
Number of Payments:
Annual Interest Rate: (ex. 8.5% = 8.5)



Income-Based Repayment (IBR) Monthly Payment Amount
Family Size
1 2 3 4 5 6 7
10,000 0 0 0 0 0 0 0
15,000 0 0 0 0 0 0 0
20,000 46 0 0 0 0 0 0
25,000 108 37 0 0 0 0 0
30,000 171 99 28 0 0 0 0
35,000 233 162 90 18 0 0 0
40,000 296 224 153 81 9 0 0
45,000 358 287 215 143 72 0 0
50,000 421 349 278 206 134 63 0
55,000 483 412 340 268 197 125 54
60,000 546 474 403 331 259 188 116
65,000 608 537 465 393 322 250 179
70,000 671 599 528 456 384 313 241

The chart above shows the maximum IBR monthly payment amounts for a sample range of incomes and family sizes using the Poverty Guidelines that were in effect as of January 20, 2011 for the 48 contiguous states and the District of Columbia.

(i) - Calculations are estimates and values may not reflect the actual amount computed by the loan servicing center.


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