Federal vs Private Student Loans

Federal student loans are issued by the government and offer income-driven repayment, forgiveness programs, and fixed rates set by law. Private student loans are issued by banks and credit unions; rates and terms vary by lender and your credit. Use the Student Loan Calculator for standard fixed-term repayment, which applies to many federal standard plans and typical private loans.

Repayment Plans

Federal loans offer standard (10-year), extended, graduated, and income-driven plans. The calculator models standard fixed payment: one set amount each month until the balance is zero. Income-driven plans cap payment as a share of income and are not modeled here. Private loans usually have a fixed term and fixed or variable rate.

Rates and Terms

Federal undergraduate rates are set annually by Congress. Private rates depend on your credit and the lender. Shorter terms mean higher monthly payments but less total interest. Use the calculator to compare 10-year vs 15-year or 20-year terms for your balance and rate.

Practical Takeaway

Use the Student Loan Calculator to estimate your monthly payment on a standard plan. For how repayment works in detail, see how student loan repayment works. For worked examples, see student loan payment on $30,000 and student loan payment on $50,000.