Low Income Student Loan Repayment Calculator

Understanding your low-income student loan repayment options is crucial for managing your finances and planning your future. Our calculator helps you estimate your monthly payments and total repayment amount, empowering you to make informed decisions.

1. Enter your loan amount, interest rate, and loan term.
2. Click the ‘Calculate’ button.
3. View your estimated monthly payment and total repayment amount.
4. Use the interactive chart to visualize your repayment plan.

The calculator uses the formula for the monthly repayment of a loan, which is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n -- 1 ]

Where:

• M is your monthly payment.
• P is your loan amount.
• i is your interest rate (divided by 12 for monthly interest).
• n is your loan term (in months).

Comparison of Loan Terms for a $20,000 Loan at 6% Interest

Loan Term (years)	Monthly Payment	Total Repayment
5	$383.51	$46,021.20
10	$238.71	$28,645.20
15	179.45	$21,534.00

• Consider refinancing your loans to secure a lower interest rate.
• Explore income-driven repayment plans if you have a low income.
• Make extra payments to reduce your total repayment amount.

1. Public Service Loan Forgiveness (PSLF) can forgive your remaining loan balance after 10 years of qualifying payments.
2. Be cautious of loan forgiveness scams and only trust official sources.

What is the difference between subsidized and unsubsidized loans?

Subsidized loans do not accrue interest while you are in school, while unsubsidized loans do.

For more information, visit the U.S. Department of Education and the U.S. Department of Education websites.