Student Loan Repayment Calculator | COVID-19
Estimate your student loan repayments and see how COVID-19 payment changes may affect your balance and monthly costs.
How This Calculator Works
This calculator estimates your federal student loan repayment under standard and income-driven repayment (IDR) plans, with a specific focus on how COVID-19 pandemic payment pauses and interest waivers affected your loan balance. It accounts for the 0% interest period (March 2020 through September 2023) and the payment restart date in October 2023.
The tool calculates your projected balance after the COVID-19 forbearance period, then estimates monthly payments under different repayment plans. It factors in whether you made voluntary payments during the pause, which could have reduced your principal faster due to the 0% interest rate.
How to Use the Calculator
- Enter your current loan balance — the total amount you owe before any COVID-19 adjustments.
- Select your loan type — Direct Subsidized, Unsubsidized, PLUS, or Consolidation loans have different repayment terms.
- Choose your repayment plan — Standard, Graduated, Extended, or an income-driven plan like REPAYE, PAYE, IBR, or ICR.
- Indicate whether you made payments during the pause — this affects your remaining balance and future payment amounts.
- Enter your annual income and family size (if using an IDR plan) — these determine your discretionary income and monthly payment.
The calculator then shows your estimated monthly payment, total interest paid, and projected payoff date under your selected scenario.
Understanding Your Results
The output includes several key figures:
- Balance after COVID-19 forbearance — Your loan balance as of October 2023, after the 0% interest period ended.
- Monthly payment — Your estimated payment under the selected plan, starting from the payment restart date.
- Total interest paid — The cumulative interest you will pay over the life of the loan under the chosen plan.
- Payoff date — The estimated month and year your loan will be fully repaid.
- Forgiveness eligibility — For IDR plans, whether you may qualify for loan forgiveness after 20 or 25 years of qualifying payments.
Note that IDR payment estimates are based on your discretionary income, which is calculated as your adjusted gross income minus 150% of the federal poverty guideline for your family size.
Common Mistakes to Avoid
- Not accounting for the 0% interest period correctly — If you made payments during the pause, those payments applied entirely to principal. Failing to account for this overstates your remaining balance.
- Using the wrong loan type — PLUS loans and Consolidation loans have different interest rates and repayment terms than Direct Subsidized or Unsubsidized loans.
- Overlooking IDR recertification — Income-driven plans require annual income recertification. Your payment may change if your income changes.
- Ignoring interest capitalization — If you leave an IDR plan or fail to recertify, unpaid interest may capitalize, increasing your principal balance.
Limitations of This Calculator
This calculator provides estimates only. Actual loan terms, interest rates, and repayment outcomes depend on your specific loan servicer, loan type, and individual circumstances. It does not account for:
- Future changes to federal student loan policies or interest rates
- State-specific loan forgiveness programs
- Employer-based repayment assistance
- Loan consolidation or refinancing effects
- Partial financial hardship determinations for IDR plans
For precise calculations, consult your loan servicer or a qualified financial advisor.
Practical Use Cases
This calculator is useful for:
- Borrowers returning to repayment after the COVID-19 payment pause who want to understand their new monthly obligations.
- Comparing repayment plans to find the most affordable option based on your income and loan balance.
- Planning for loan forgiveness under IDR plans by estimating how many qualifying payments remain.
- Evaluating the impact of voluntary payments made during the 0% interest period on your overall loan cost.
FAQ
Did my student loan interest accrue during the COVID-19 payment pause?
No. From March 13, 2020, through September 30, 2023, the interest rate on federally held student loans was set to 0%. No interest accrued during this period, regardless of whether you made payments.
What happens if I didn't make payments during the pause?
Your loan balance remained the same throughout the 0% interest period. No interest accrued, so your balance did not increase. Payments resumed in October 2023 with your standard monthly amount, unless you switched to an income-driven plan.
Will my monthly payment change after the COVID-19 forbearance?
It depends on your repayment plan. Under the Standard plan, your payment remains the same as before the pause, but your remaining term may be extended to account for the months of non-payment. Under IDR plans, your payment is recalculated based on your current income and family size.
Can I still switch to an income-driven repayment plan?
Yes. You can apply for an IDR plan at any time through your loan servicer or at StudentAid.gov. Switching may lower your monthly payment if your income is relatively low compared to your loan balance.
What is the difference between REPAYE, PAYE, IBR, and ICR?
These are different income-driven repayment plans with varying payment formulas and forgiveness timelines. REPAYE and PAYE generally cap payments at 10% of discretionary income, while IBR caps at 10% or 15% depending on when you borrowed. ICR caps at 20% of discretionary income or a fixed payment, whichever is lower. Forgiveness occurs after 20 or 25 years of qualifying payments, depending on the plan.