🎓 Student Loan Calculator
Calculate your student loan monthly payment, total interest, and see how extra payments can save you thousands and years of payments.
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Frequently Asked Questions
What is the average student loan debt?
The average student loan debt for 2024 graduates is around $30,000-$40,000. Graduate students average $70,000-$90,000. Total U.S. student loan debt exceeds $1.7 trillion. Federal loans offer better terms than private loans.
Should I pay off student loans early?
It depends. Federal loans under 5% APR: consider investing instead (market returns ~10%). Private loans over 7%: pay off aggressively. Balance: make extra payments while investing for retirement. Always keep emergency fund first.
What are income-driven repayment plans?
IDR plans cap federal loan payments at 10-20% of discretionary income. After 20-25 years of payments, remaining balance is forgiven (but taxed). Options: SAVE, PAYE, IBR, ICR. Good for low income or high debt-to-income ratio.
Can I refinance my student loans?
Yes, if you have good credit and income. Refinancing can lower your rate (currently 4-7%), but you lose federal benefits (IDR, forbearance, potential forgiveness). Best for private loans or high federal rates with stable income.
What is the student loan interest deduction?
You can deduct up to $2,500 of student loan interest per year on your taxes. Phase-out starts at $75,000 income (single) or $155,000 (married). This is an above-the-line deduction - you do not need to itemize.
Financial Disclaimer
This calculator is provided for educational and informational purposes only. The results are estimates based on the information you provide and should not be considered as financial, legal, or tax advice.
Actual results may vary based on your specific circumstances, market conditions, and other factors. Always consult with qualified financial, legal, and tax professionals before making any financial decisions.
We make no guarantees about the accuracy, completeness, or reliability of the calculations. Use this tool at your own risk.