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A student loan calculator estimates monthly payments, total repayment, and total interest under different repayment plans for UK (Plan 1, 2, 4, Postgraduate) or US (Standard, IBR, PAYE) student loans.
Formula
Monthly payment = P × r(1+r)ⁿ/[(1+r)ⁿ−1] where r = annual rate/12, n = months
- P
- Principal loan amount ($)
- r
- Monthly interest rate (annual%/12)
- n
- Number of payments (months)
- M
- Monthly payment ($)
Guida passo passo
- 1UK Plan 2: repay 9% of income above £27,295/year; written off after 30 years
- 2UK interest: RPI + 0–3% depending on income
- 3US Standard: fixed monthly payment over 10 years
- 4US IBR: 10% of discretionary income; forgiven after 20–25 years
Esempi risolti
Ingresso
UK Plan 2: £50k debt, £35k salary
Risultato
Annual repayment = 9% × (£35k−£27,295) = £693/yr = £57.75/month
Domande frequenti
What's the difference between federal and private student loans?
Federal: fixed rates, income-based repayment, forgiveness programs. Private: variable rates, credit-based, more expensive.
What's income-driven repayment?
Payment capped at discretionary income %. Plans: PAYE (10% income), IBR (10-15%), SAVE (5-10% discretionary).
Can student loan interest be deducted?
Yes, up to $2,500/year federal deduction. PSLF: 10 years forgiveness for public service jobs (federal only).
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