Student Loan Repayment Guide: Payments, Interest, and Options
A student loan calculator can estimate a fixed monthly payment and total interest, but federal and private loans can have different terms and repayment features.
Updated October 14, 2026 · Educational information
Start with the balance, interest rate, and repayment term shown by your servicer or lender. Use the calculator to explore a fixed-payment scenario, then check official resources for current federal plan eligibility, private loan terms, and account-specific details.
Start with the loan details you actually owe
Find each loan’s current balance, interest rate, loan type, and servicer. Federal Student Aid says borrowers can review their loan information through StudentAid.gov and their servicer. If you have more than one loan with different rates, estimate them separately rather than averaging the rates.
Understand what a fixed-payment calculator estimates
A standard amortization calculator estimates equal monthly payments that repay a balance and interest over a chosen term, assuming the rate stays fixed. Extra monthly payments can reduce the modeled payoff time and interest when applied to principal, but check with your servicer how payments are applied.
Account for interest before repayment
Unpaid interest may accrue while some loans are in school or during periods when payments are not required. Depending on loan type and circumstances, some interest may later be added to principal. Enter the current balance you expect to repay; this calculator does not forecast future in-school or grace-period interest.
Know that federal and private repayment options differ
Federal loans may have repayment plans, borrower protections, and discharge options that depend on loan type, dates, and current rules. Private loans use lender-specific contracts. Before refinancing a federal loan into a private loan, carefully compare protections and repayment terms you could give up.
Use the official federal calculator for plan comparisons
The My Clear Money calculator estimates a fixed payment for one loan; it does not determine eligibility, income-driven payments, forgiveness, or current program options. Use the official Federal Student Aid Repayment Calculator with your account information and contact your servicer for account-specific help.
Compare total college costs before borrowing
Review the school’s cost of attendance and your financial aid offer. Compare scholarships, grants, work, savings, and federal aid before considering additional borrowing. For any private offer, compare the APR, fees, rate type, cosigner terms, deferment options, and repayment rules in the lender’s disclosures.
Common questions
Does this calculator estimate an income-driven federal payment?
No. It estimates a fixed payment on one balance. Use Federal Student Aid’s official Repayment Calculator for current plan comparisons and eligibility.
Should I enter my original loan amount or current balance?
Use the balance you expect to repay, including unpaid interest already added to principal. Check your servicer’s current account details.
Can the calculator predict loan forgiveness?
No. Forgiveness and repayment-plan eligibility depend on current program rules and individual loan details. Check official Federal Student Aid information and your servicer.
Sources and further reading
Related tools and guides
This guide is general education, not individualized financial, legal, or tax advice. Product terms, costs, and personal circumstances vary. Verify details with official documents and current providers before acting.