Beginning July 1, new federal student loan borrowers may qualify for income-based payments of no more than 10 percent of their discretionary income and be eligible for loan forgiveness after 20 years of repayment. To determine which IBR formula to use, the calculator asks borrowers to indicate whether they have an outstanding balance on federal student loans issued prior to July 1, 2014. 

Borrowers can obtain loan repayment estimates for Standard, Graduated and Extended repayment options by simply providing their loan balances and the interest rates on their loans. Borrowers must provide additional information to obtain estimates for Income-Based, Income-Contingent and Pay As You Earn repayment options, as well as for Consolidation loans.


The USA Funds Student Loan Repayment Calculator provides monthly payment, payment term, interest cost and total loan cost estimates in a single calculator for all repayment options available to borrowers of Federal Family Education Loan Program loans and Direct Loans. The calculator also displays a repayment schedule, showing the month-by-month pay down of a borrower’s loan balance. 

The Student Loan Repayment Calculator includes extensive instructions and definitions of key terms used throughout the calculator, as well as links to the National Student Loan Data System Student Access site — to help borrowers retrieve their loan information — and a table of federal student loan interest rates. 

USA Funds provides the Student Loan Repayment Calculator as a free resource to assist federal student loan borrowers.