See your payoff date, total interest, and how extra payments save you thousands.
Federal undergraduate loans for 2024-25 are 6.53% (subsidized/unsubsidized Direct loans). Graduate loans are 8.08%, and PLUS loans are 9.08%. Private loan rates vary from ~4% to 16% depending on credit score.
Federal loans offer Standard (10 years), Graduated, Extended (up to 25 years), and income-driven plans (SAVE, PAYE, IBR, ICR). Income-driven plans cap payments at 5–20% of discretionary income and offer forgiveness after 10–25 years.
Yes — even an extra $50/month on a $35,000 loan at 6.5% saves over $3,000 in interest and cuts 14 months off the loan. This calculator shows exactly how much.
You can deduct up to $2,500 in student loan interest per year if your MAGI is under $80,000 (single) or $165,000 (married filing jointly) in 2024. The deduction phases out above those thresholds.
Yes, but refinancing federal loans with a private lender means losing access to income-driven repayment, Public Service Loan Forgiveness (PSLF), and other federal protections. Weigh this carefully before refinancing.