Student Loan Calculator
Payment, Interest and Payoff Date — 2026-27 Rates

On a standard plan the payment is the level amount that repays the balance plus interest over the term: balance × r ÷ (1 − (1 + r)^−n), where r is the annual rate ÷ 12 and n the number of months (120 for 10 years). Federal Direct Loans charge simple daily interest, which a level monthly payment covers, so this matches closely.

For Direct Loans first disbursed July 1, 2026 to June 30, 2027: 6.52% for undergraduate subsidized and unsubsidized loans, 8.07% for graduate or professional unsubsidized loans and 9.07% for PLUS loans. They're fixed for the life of the loan; earlier loans keep the rate from their year.

Extra payments go to interest first, then principal, and shorten the loan. It usually makes sense for higher-rate loans once you have an emergency fund and any employer 401(k) match.

If you're pursuing Public Service Loan Forgiveness or expect forgiveness on an income-driven plan, paying extra may not help.

Income-driven plans set the payment from your income rather than the balance. The new Repayment Assistance Plan (RAP) opened in July 2026 — use our RAP calculator to compare it with the standard plan.

You can deduct up to $2,500 a year of student loan interest if your modified AGI is below the IRS limit for your filing status; the deduction phases out above it and isn't available if you're married filing separately.