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What you should know about student loan repayment calculator

student loan repayment

Studying in America attracts international students with high-quality teaching, lots of popular programs and brilliant career prospects. It is known that studying in the USA is paid for everyone: for Americans, and, especially, for foreign citizens. Opportunities for free higher education, of course, also exist. But many students receive paid education. In this case, the loan comes to aid in the US. Under certain conditions, borrowers of the federal student loan may be discharged from further repayment obligations if their federal student loans are repaid. Having enough information related to student loan helps you understand that you are actually paying for college debt. By using student loan repayment calculator consisting of a simple daily interest formula, students can use student loan repayment calculator on federal student loans and many private student loans.


Student loan debt calculator


loan repayment


The first thing to consider is to understand what you’re getting through. How can you compare the costs of going to different schools? Of course, by looking at a student loan repayment calculator, you can calculate your loan repayment.  Variables such as your marital status, age, and duration of your studies are included in the equation. Then, having some financial information, such as how much you (or your family) can contribute each year, and what scholarships or gifts you have already received, the student loan payment calculator will tell you how much debt you can expect to receive and what your expenses will be after graduation – both monthly and during the term of student loans. Of course, Which type of loans will be based on how much you will pay.

How to calculate student loan interest?

Firstly, calculate the amount of interest on a student loan that is calculated monthly, then find your daily interest rate and multiply it by the number of days since the last payment. At last, multiply this by the remainder of the loan.


How does student loan repayment calculator work?


student loan repayment


Student loan repayment calculator is designed to help you in dealing with this student loan calculation issue.

To start, you should provide with this information required below:

  • Federal Student Aid ID
  • Personal information
  • Loan types
  • Loan Balances
  • Interest rates
  • Family size
  • Adjusted gross income
  • State of residence

The loan repayment calculator needs to show your payment details, different repayment plans, from standard and graduated plans to income-driven plans. Several repayment plan options are available which allows students to have standard loan payments, a gradual repayment option, and several income-based repayment options.  Using the loan repayment calculator will help students to clarify how much student’s payment will be in each repayment plan.

Several repayment plans that are assigned to help the students to pay a monthly student loan. Six main repayment options are available, which four of them are calculated by using student’s discretionary income, and according to the loan balance, the other two are calculated due to the term and interest rate.

Income-Based Repayment Plan Calculator

This student loan payment calculator will give student results on how student’s income-based payment for federal student loans should be. All income-based repayment plans are eligible for forgiveness of the loan after making student’s payments for 20-25 years. This calculator prognoses forgiveness after 25 years, so the actual amount of forgiveness may be more than the estimates of student loan payment calculator.

Revised Pay as Student Earn (REPAYE)

The REPAYE plan is the last created income-driven plan, which is vital to life for most borrowers. The payment is calculated at a rate of 10% of the student’s income at student’s discretion, and this amount should be due annually. The REPAYE may offer a cruel percentage of forgiveness, and when the payments meet the criteria for the forgiveness of public service loans. The REPAYE is available only to federal student loan borrowers.

Pay As Student Earn (PAYE)

The PAYE provides for the payment of 10% of student’s discretionary income on an annual basis. This payment plan was adopted by President Obama on December 21, 2012, and significantly improved the previous payment plan, reducing the required payment by 33%. Payments in PAYE terms give the student the right to forgive a community loan. The PAYE does not include the student’s spouse’s income unless the student is married and do not file tax returns together.

Income-Driven Repayment

The Income-Driven Repayment is calculated at 15% of discretionary income. The IDR payment does count towards Public Service Loan Forgiveness.

Income-Contingent Repayment (ICR)

The ICR payment calculates student’s payment based on 20% of student’s discretionary income. Unless the couple makes a separate application to the REPAYE plan, the ICR will always have a higher monthly payment than the other income-driven plans. The ICR plan does contain any interest forgiveness, which can amount to many thousands of dollars.

Standard and Graduated Repayment Plans


student loan forgiveness


Two payment schemes, which are not based on student income, are standard and graduated loan repayment plans. They are both calculated the monthly payment based on the student’s credit balance, interest rate, and loan.

Standard Repayment

Standard repayment plan doesn’t have forgiveness, because the loan will be fully repaid by the end of the term. Every month student’s payment is divided into interest and principal and how long is the student paying more and more is applied to principal and less to the interest.

Amortization schedule calculator will be helpful to make a clear vision about how student’s monthly payment is counted.

Graduated Repayment

A graduated repayment plan requires that student loan interest is paid only for the first two years of the loan, and then payment will gradually increase. Student payment will start from less amount than standard payment, but the student will not pay the loan at all. Starting from a small amount of payment (usually only interest), the repayment plan gradually increases payments until the balance is paid.

Student Loan Forgiveness Calculation

In all income-based payment plans, the remainder of student loans is forgiven after 20 or 25 years. If payments based on income are paid within 20–25 years, then any loan balance is forgiven. To get the amount of forgiveness for a student loan, we calculate the total amount that a student usually pays for a student loan, and subtract it from the amount that a student will pay in any income-oriented plan after 25 years.

Assumptions that Student Loan Repayment Calculator makes


credit history


There are some assumptions that the repayment calculator makes according to the nature of the income-driven repayment plans.

Changes in student’s income based on student’s payment

Our repayment calculator takes into account student income and assumes that the student will have the same income over the next 25 years. İt is still not exactly a clear sight. İt is unpredictable to get the exact number of how much a student will receive forgiveness, and how much a student will pay back in total for a student loan. In accordance with income-based payment plans, the students must overestimate their income each year, and the student’s payment will depend on the student’s discretionary income.

Student loan repayment calculator estimates what student’s payment could be, how many students would pay in total from the loan and how much forgiveness student might receive. Don’t ignore some assumptions and in the end the final determination made by the department of education and student’s loan servicer.