mortar_board Student Loan Calculator
Understand your student loan payments before you borrow. Estimate monthly payments, total interest costs, and see how different repayment terms affect your budget.
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Frequently Asked Questions - Student Loan Calculator
What is the difference between subsidized and unsubsidized loans?
With subsidized federal loans, the government pays the interest while you are in school at least half-time, during the grace period, and during deferment. Unsubsidized loans accrue interest from the moment they are disbursed, and you are responsible for all of it.
Should I refinance my student loans?
Refinancing can lower your interest rate and monthly payment, but it means losing federal loan protections like income-driven repayment plans, deferment, forbearance, and Public Service Loan Forgiveness. It is best for borrowers with stable jobs and good credit.
What are income-driven repayment plans?
These federal plans cap your monthly payment at a percentage of your discretionary income (usually 10-20%) and extend your term to 20 or 25 years. Any remaining balance after the term may be forgiven, though the forgiven amount may be taxable.
How does the standard 10-year repayment plan work?
The standard plan spreads your loan payments evenly over 120 months. It results in the lowest total interest compared to extended plans, but has higher monthly payments. This is the default plan for most federal student loans.
Can student loans be discharged in bankruptcy?
It is very difficult but not impossible. You must prove that repayment would cause undue hardship through an adversary proceeding. Courts use the Brunner Test or totality of circumstances test, and discharge is rare compared to other types of debt.
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