Student Loan Calculator
Student Loan Guide: Repayment Strategies
Current Student Loan Rates (2024)
| Loan Type | Undergraduate | Graduate | Parent PLUS |
|---|---|---|---|
| Federal Direct | 5.50% | 7.05% | 8.05% |
| Private Loans | 4.5% - 15% | 5.5% - 16% | 6.0% - 16% |
Repayment Plan Options
Standard Repayment
- Fixed payments for 10 years
- Lowest total interest paid
- Monthly payment: ~$115 per $10,000 at 5%
Income-Driven Plans
- Payments based on income
- 20-25 year forgiveness
- May qualify for $0 payments
5 Strategies to Pay Off Student Loans Faster
- Make biweekly payments (26 half-payments = 13 full payments/year)
- Refinance high-interest loans (if you have stable income)
- Apply windfalls (tax returns, bonuses directly to principal)
- Use the debt avalanche method (pay highest interest loans first)
- Explore employer repayment programs (growing benefit)
Did You Know? The average student loan borrower owes $37,338 and pays $393/month on a standard 10-year repayment plan.