You can estimate your monthly student loan payment using the Department of Education’s Loan Simulator: studentaid.gov/loan-simulator.
We recommend starting without logging in. This lets you see exactly what information you’re entering and what the system is using to calculate your payment, so nothing is hidden behind an account. You can always log in later to pull in your real balances automatically.
What the simulator asks for
- Your loan balances and interest rates (or estimates if you’re not logged in)
- Your income and family size
- Your goal — lowest monthly payment, fastest payoff, or working toward forgiveness
Ways your payment can be lower
- Income-Driven Repayment (IDR): caps your payment at a percentage of your discretionary income.
- A longer term: extended plans lower the monthly amount (though you pay more interest over time).
- Consolidation: can open up repayment options and simplify multiple loans into one payment.
Run a few scenarios side by side before you choose. The right plan depends on your income, your family size, and whether you’re aiming for forgiveness.