Student Loan Repayment Calculator
Calculate your student loan monthly payments, total interest, and payoff timeline. Compare standard, extended, and accelerated repayment plans.
Frequently Asked Questions
What are current student loan interest rates in 2026?
Federal student loan rates for 2025-2026 are approximately 5.50% for undergraduate Direct Loans, 7.05% for graduate Direct Loans, and 8.05% for Direct PLUS Loans. Private loan rates vary by lender and creditworthiness, typically ranging from 4% to 15%.
Should I pay extra on my student loans?
If your interest rate is above 5-6%, making extra payments is usually beneficial. However, first ensure you have an emergency fund and are getting any employer 401(k) match. If you have federal loans, consider whether you might qualify for forgiveness programs before aggressively paying down.
What is student loan refinancing?
Refinancing replaces your existing loans with a new private loan, potentially at a lower rate. This can save money but means losing federal protections like income-driven repayment, forbearance, and forgiveness programs. Only refinance if you're sure you won't need those benefits.