Monthly payment, total interest, payoff date and extra payment impact — all with sliders.
Open Student Loan Calculator →| Loan Type | Who It's For | 2025-26 Rate |
|---|---|---|
| Direct Subsidized Loans | Undergrad with financial need | 6.53% |
| Direct Unsubsidized Loans | Undergrad (all students) | 6.53% |
| Direct Unsubsidized Loans | Graduate / Professional | 8.08% |
| Direct PLUS Loans | Parents & Grad students | 9.08% |
| Private Student Loans | Any student (credit-based) | 4–15% (varies) |
On the standard $38,290 federal loan at 6.53% with a 10-year term ($430/month):
| Extra Monthly Payment | Payoff Time | Interest Saved | New Total Interest |
|---|---|---|---|
| $0 (standard) | 10 years | — | $13,650 |
| $50 extra | 9.1 years | $1,680 saved | $11,970 |
| $100 extra | 8.3 years | $3,020 saved | $10,630 |
| $200 extra | 7.0 years | $4,990 saved | $8,660 |
| $500 extra | 4.8 years | $7,920 saved | $5,730 |
Adding just $100/month extra to a standard student loan payment saves over $3,000 in interest and cuts repayment by nearly 2 years. That's a guaranteed 6.53% return on every extra dollar — better than most savings accounts. Every federal loan has no prepayment penalty, so there's no downside to paying extra.
| Plan | Term | Payment | Best For |
|---|---|---|---|
| Standard | 10 years | Fixed $430/mo | Lowest total interest, fastest payoff |
| Graduated | 10 years | Starts low, increases | Those expecting income growth |
| Extended | 25 years | Lower monthly | Those needing lower payments now |
| SAVE (income-driven) | 20–25 years | 5% discretionary income | Low income, forgiveness eligible |
| IBR | 20–25 years | 10–15% discretionary | Financial hardship |
| PSLF | 10 years | Income-driven | Govt/nonprofit employees — forgiveness |
Income-driven repayment plans lower your monthly payment but dramatically increase total interest paid. Extending a $38,000 loan from 10 to 25 years reduces monthly payments by $200+ but adds $20,000–$30,000 in total interest. Only choose income-driven plans if you're pursuing forgiveness (PSLF) or facing genuine financial hardship — not just to free up cash flow for discretionary spending.
| Degree | Average Debt | Standard Monthly Payment | Total Interest (10yr) |
|---|---|---|---|
| Associate's Degree | $15,300 | $172/mo | $5,340 |
| Bachelor's Degree | $29,400 | $332/mo | $10,440 |
| Master's Degree | $52,000 | $587/mo | $22,440 |
| Law Degree (JD) | $130,000 | $1,468/mo | $56,160 |
| Medical Degree (MD) | $202,000 | $2,280/mo | $87,300 |
The average federal student loan monthly payment in 2026 is approximately $350–$430/month on a standard 10-year plan with the average debt of $38,290 at 6.53%. However, this varies widely — associate's degree holders average $172/month while medical school graduates average over $2,000/month. Your exact payment depends on your balance, interest rate and repayment term.
If your federal student loan rate is 6.53%, the math is close — the S&P 500 historically returns about 10%/year, making investing marginally better mathematically. However, paying off loans gives a guaranteed return equal to your rate, reduces monthly obligations and improves cash flow. Most financial advisors suggest: first get the full 401k employer match, then split between extra loan payments and investing. Never skip loan payments to invest.
For the 2025-2026 academic year, federal student loan rates are: 6.53% for Direct Subsidized and Unsubsidized undergraduate loans, 8.08% for graduate Direct Unsubsidized loans, and 9.08% for Direct PLUS loans (parents and graduate students). Rates are fixed for the life of each loan and set annually based on the 10-year Treasury note yield.
On a standard 10-year plan at 6.53%, $50,000 requires $567/month and costs about $18,000 in total interest. With $200 extra per month ($767 total), you'd pay it off in 7 years and save about $7,000 in interest. On income-driven repayment (SAVE), payments could drop to $200–$300/month but the loan would extend to 20–25 years with significantly more total interest paid.
Federal student loans have no prepayment penalty whatsoever — you can pay any amount extra at any time and it will reduce your balance and total interest. Most private student loans also have no prepayment penalty, but check your loan agreement to confirm. Always specify when making extra payments that you want them applied to principal, not future scheduled payments.