Student Loan Calculator
Standard Repayment
Standard vs Extended
Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly rate, n = total months
Frequently Asked Questions
What is the standard repayment plan?
The standard repayment plan is a 10-year fixed payment plan. It results in higher monthly payments but less total interest compared to extended plans.
Should I choose standard or extended repayment?
Standard repayment saves significantly on interest. Choose extended only if you cannot afford the standard payment. Consider refinancing if you have good credit for potentially lower rates.
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