Student Loan Repayment Calculator: Estimate Your Payoff Date

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You can estimate how long it will take to pay off the total cost of your loan using our student loan repayment calculator. First, enter your current loan information. Then, use the slider to see how increased monthly payments can decrease the total cost of your loan.

How do you calculate monthly payments on student loans?

Your monthly payments depend on several factors, including the interest rate on your loans, your loan term, and your principal loan balance.

Some repayment plans also have fixed monthly payments — for example, the minimum payment for most federal student loans on the standard repayment plan is typically $50 per month.

Keep in mind that if you sign up for an income-driven repayment (IDR) plan, your monthly payments will also be based on your discretionary income.

Frequently asked questions about student loan repayment

Here are answers to several commonly asked questions about student loan repayment:

• How long is the grace period on student loans?
• How do you change student loan repayment plans?
• What repayment plan qualifies for student loan forgiveness?
• How can you lower your monthly student loan payments?
• What’s the difference between student loan refinancing and student loan consolidation?
• How do I pay off $50k in student loans?
• How long does it take to pay off $100,000 in student loans?
• How can I pay off $200k in student loans?
• How can you pay off student loans faster?
• Can you claim student loans on taxes?

How long is the grace period on student loans?

Depending on what type of loans you have, you might not have to start making payments until six months or more after graduation — this is known as a grace period.

Here’s the grace period you can expect for a few types of student loans:

• Direct Subsidized and Unsubsidized Loans: Six months
• Grad PLUS Loans: No grace period (might be able to defer payments until after graduation)
• Parent PLUS Loans: No grace period (might be able to defer payments until after your child’s graduation)
• Private student loans: Depends on the lender (many lenders offer six-month grace periods)

See: What Is a Student Loan Grace Period?

How do you change student loan repayment plans?

There are several federal student loan repayment options in addition to the standard repayment plan, including graduated repayment plans, extended repayment plans, and IDR plans.

If you want to change your federal student loan repayment plan, contact your loan servicer. You might also be able to apply for a new repayment plan online.

There are generally fewer private student loan repayment options, and available repayment plans will depend on your lender. You can typically only change your repayment plan by refinancing your private student loans.

Check Out: When to Refinance Student Loans

What repayment plan qualifies for student loan forgiveness?

Some federal student loan forgiveness programs require you to make payments under an eligible repayment plan.

For example, to potentially qualify for Public Service Loan Forgiveness, you’ll need to work for 10 years at a government or nonprofit agency while making qualifying payments under an IDR plan.

You could also qualify for loan forgiveness under an IDR plan itself. Depending on the plan, your loans could be forgiven after 20 to 25 years of payments. There are four plans to choose from:

• Income-Based Repayment (IBR)
• Income-Contingent Repayment (ICR)
• Pay As You Earn (PAYE)
• Revised Pay As You Earn (REPAYE)

How can you lower your monthly student loan payments?

There are several ways to potentially lower your student loan payments. A few of these strategies include:

• Signing up for an income-driven repayment plan: If you have federal student loans, you might be able to sign up for one of the four IDR plans. Under an IDR plan, your payments are based on your discretionary income, which might reduce your monthly payment amount — even to $0 in some cases.
• Consolidating your loans: You can consolidate multiple federal student loans with a Direct Consolidation Loan. With this type of loan, you can extend your repayment term up to 30 years, which could lower your payments. Just remember that the longer your repayment term, the more you’ll pay in interest over time.
• Refinancing your debt: If you refinance your student loans, you might qualify for a lower interest rate. Or you could choose to extend your repayment term. Either scenario might get you a lower monthly payment. Keep in mind that while you can refinance federal student loans, you’ll lose your federal benefits and protections, including access to IDR plans and student loan forgiveness programs.

If you decide to refinance your student loans, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

Lender	Fixed rates from (APR)	Variable rates from (APR)	Loan terms (years)	Loan amounts	Min. credit score
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.85%+	4.86%+	5, 7, 10, 15, 20	$10,000 up to $250,000 (depending on degree)	720
Fixed APR: 3.85%+ Variable APR: 4.86%+ Min. credit score: 720 Loan amount: $10,000 to $400,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Military deferment, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas Customer service: Email, phone Soft credit check: 720 Cosigner release: No Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 - $149,000 Max. Graduate Loan Balance: $200,000 - $400,000 Offers Parent PLUS Refinancing: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.89%+1	6.68%+1	5, 7, 10, 15, 20	$10,000 to $500,000 (depending on degree and loan type)	Does not disclose
Fixed APR: 5.89%+1 Variable APR: 6.68%+1 Min. credit score: Does not disclose Loan amount: $10,000 to $750,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $150,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99%+2	6.99%+2	5, 7, 10, 12, 15, 20	$5,000 to $300,000 (depending on degree type)	Does not disclose
Fixed APR: 6.99%+2 Variable APR: 6.99%+2 Min. credit score: Does not disclose Loan amount: $5,000 to $300,000 Loan terms (years): 5, 7, 10, 12, 15 Repayment options: Military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: All states except for ME Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 24 to 36 months Loan servicer: College Ave Servicing LLC Max. Undergraduate Loan Balance: $100,000 to $149,000 Max. Graduate Loan Balance: Less than $300,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.0%+5	7.57%+5	5, 10, 15, 20	$1,000 to $250,000	700
Fixed APR: 6.0%+5 Variable APR: 7.57%+5 Min. credit score: 700 Loan amount: $7,500 to $200,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: Firstmark Services Max. Undergraduate Loan Balance: $150,000 to $249,000 Max. Graduate Loan Balance: $150,000 to $199,000 Offers Parent PLUS Refinancing : Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.88%+3	4.86%+3	5, 7, 10, 12, 15, 20	$10,000 to $250,000	680
Fixed APR: 4.88%+3 Variable APR: 4.86%+3 Min. credit score: 680 Loan amount: $10,000 to $250,000 Loan terms (years): 5, 7, 10, 15, 20 Repayment options: Forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: Mohela Max. Undergraduate Loan Balance: $250,000 Max. Graduate Loan Balance: $250,000 Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.12%+4	8.52%+4	5, 10, 15, 20	$5,000 to $250,000	670
Fixed APR: 5.12%+4 Variable APR: 8.52%+4 Min. credit score: 670 Loan amount: $5,000 to $250,000 Loan terms (years): 5, 10, 15, 20 Repayment options: Academic deferment, military deferment, forbearance Fees: Late fee, returned payment fee Discounts: Autopay Eligibility: Must be U.S. citizen or permanent resident Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Yes Max undergraduate loan balance: $250,000 Max graduate loan balance: $250,000 Offers Parent PLUS refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.94%+ 7	N/A	5, 7, 10, 12, 15, 20	Up to $300,000	670
Fixed APR: 6.94%+ 7 Variable APR: N/A Min. credit score: 670 Loan amount: Up to $300,000 Loan terms (years): 5, 7, 10, 15, 20 Time to fund: Usually one business day Repayment options: Academic deferral, military deferral, forbearance, death/disability discharge Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Max. undergraduate loan balance: $300,000 Max. graduate balance: $300,000 Offers Parent PLUS loans: Yes Min. income: None
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.2%+	N/A	7, 10, 15	$10,000 up to the total amount of qualified education debt	670
Fixed APR: 6.2%+ Variable APR: N/A Min. credit score: 670 Loan amount: $10,000 up to the total amount Loan terms (years): 7, 10, 15 Repayment options: Military deferment, loans discharged upon death or disability Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans Customer service: Email, phone Soft credit check: Yes Cosigner release: No Loan servicer: AES Max. Undergraduate Loan Balance: No maximum Max. Gradaute Loan Balance: No maximum Offers Parent PLUS Refinancing: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.34%+	N/A	5, 10, 15	$7,500 up to $250,000 (depending on highest degree earned)	680
Fixed APR: 6.34%+ Variable APR: N/A Min. credit score: 680 Loan amount: $7,500 to $250,000 Loan terms (years): 5, 10, 15 Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000 Customer service: Email, phone Soft credit check: Does not disclose Cosigner release: No Loan servicer: Rhode Island Student Loan Authority Max. Undergraduate Loan Balance: $150,000 - $249,000 Max. Graduate Loan Balance: $200,000 - $249,000 Offers Parent PLUS Refinancing: Yes
Compare personalized rates from multiple lenders without affecting your credit score. 100% free! Compare Now Trustpilot
All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures  | 8Nelnet Bank Disclosures

What’s the difference between student loan refinancing and student loan consolidation?

Student loan refinancing and student loan consolidation are both ways to combine student loans. However, they mean something different for federal and private student loans. Here’s how it breaks down:

• Federal student loan consolidation: The only way to combine federal student loans is through a Direct Consolidation Loan. The interest rate on the new loan will be based on the weighted average of your current loans. Plus, you’ll have the option to extend your repayment term up to 30 years.
• Private student loan refinancing: When it comes to private student loans, consolidation is just another term for refinancing. If you refinance your student loans, your old loans will be replaced with one new loan through a private lender. If you refinance, you might get a lower interest rate. You’ll also have the option to shorten or extend your repayment term.

Learn More: Student Loan Consolidation vs. Student Loan Refinancing

How do I pay off $50k in student loans?

There are several potential ways to pay off $50,000 in student loans. A couple of options include:

• Debt avalanche method: With this approach, you’ll make extra payments toward your loans with the highest interest rate. This will likely save you money on interest charges and could help you pay off your loans faster.
• Student loan refinancing: If you refinance your student loans, you might be able to lower your interest rate. Getting a reduced rate for $50,000 in student loans could save you hundreds or even thousands of dollars in interest over time — making it easier to pay off your loans.

If you decide to refinance, remember to shop around and compare as many lenders as you can to find a loan that fits your needs. Credible makes this easy — you can see your prequalified rates from multiple lenders in two minutes.

How long does it take to pay off $100,000 in student loans?

How long it will take to pay off $100,000 in student loans will mainly depend on your repayment plan and strategy.

For example, if you have federal student loans, you’ll have 10 years under the standard repayment plan, while you could have up to 30 years if you consolidate with a Direct Consolidation Loan.

You could also refinance federal or private student loans and opt for a longer or shorter repayment term. It’s usually a good idea to choose the shortest term with a payment you can afford to save the most on interest.

How can I pay off $200k in student loans?

If you’re looking to pay off $200,000 in student loans, the optimal way to repay the debt mainly depends on the type of loans you have.

• If you have federal student loans, be sure to consider all of your repayment options. For example, you could be eligible for an IDR plan to help you manage your payments. Or you might qualify to have some or all of your student loans forgiven through programs like Public Service Loan Forgiveness. Your loan servicer can help you explore what options are available to you.
• If you have private student loans, you could consider refinancing, especially if you can reduce the interest rate on any of your loans. You can use our student loan refinancing calculator below to see how much you can save by refinancing your student loans.

Find out:

• How to Pay Off $300,000 in Student Loans
• 5 Steps to Pay Off $400k in Student Loans

How can you pay off student loans faster?

Here are a few ways that might help you pay off your loans faster:

• Pay extra on your loans. If you can afford it, make extra payments toward your loans. This could save you money on interest and cut down your repayment time.
• Refinance your loans. This could get you a lower interest rate. If you also choose to shorten your loan term, you could pay off your loans more quickly with fewer interest charges.

Can you claim student loans on taxes?

If you made payments toward interest on your student loans, you might be able to claim the student loan interest tax deduction. You can deduct $2,500 or the amount of interest you paid during the tax year, whichever is less.

If you decide to refinance, remember to research and compare as many lenders as possible. This way, you can find a loan that best suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Rates displayed include Automatic Payment and Loyalty Discounts, where applicable. Note that such discounts do not apply while loans are in deferment. The lenders on the Credible.com platform offer fixed rates ranging from 3.34% - 14.50% APR and Variable interest rates from 1.04% - 13.19% APR. Variable rates will fluctuate over the term of the borrower's loan with changes in the SOFR rate. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner's (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy co-signers, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include Automatic Payment and Loyalty discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender's disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.

About the author

Kat Tretina

Kat Tretina is a freelance writer who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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