<   Show All Calculators

Student Loan Deferment Calculator

The Student Loan Deferment Calculator shows how your repayment plan and interest would change if you temporarily postponed your student loan payments. For federal student loans, you can often get up to a 3 year deferment period. However, private student loans don't always have this option.


A student loan deferment calculator has become a popular resource for student loan borrowers.

Today, according to Forbes, the student debt crisis has risen to a staggering $1.5 trillion.

Based on 2018 stats shared by the Board of Governors of the Federal Reserve System, the average outstanding education debt was between $20,000 to $25,000 per borrower.

According to some findings reported in a study by Clever, researchers discovered that the national median salary for college graduates was at $47,000 annually.

This implies that most borrowers take some form of loan repayment plan to help clear themselves of their debt.

Loan deferments are a common option.

That said, with so much information available, navigating all student loan repayment options can be a daunting task.

However, after reading this post, you’ll have all the information necessary to calculate federal and private loans after taking a deferral.

What is a Deferred Payment Loan?

A deferred payment is a type of student loan repayment program that some borrowers incorporate in their repayment strategy.

It allows you to do either one of two things:

  1. Reduce your monthly payments on student loans for up to three years
  2. Stop making payments altogether for the same time period

Most times, these are temporary measures put in place to help debtors get back on their feet. It’s like a grace period.

This usually happens when borrowers are going through a rough economic period. In such cases, making continuous student loan payments would be too much of a financial burden.

As a result, the program gives you time to reorganize your finances without defaulting on the loan and damaging your credit. That said, it is important to bear in mind that interest may or may not accrue on your loans during the period of deferment. Accrued interest might represent a big obstacle to pay off your loans.

Before looking into deferment, you should consider a private consolidation or refinance. Refinancing your student loan means combining multiple loans into one. Student loan refinancing might qualify you for a lower interest rate.

Perkins loan, as well as subsidized federal student loans, do not accrue any interest during a deferment period. One way to find out the type of loan you have is to log on to your account via the StudentAid.gov portal. There, you will see labels that correspond to the type of loan that you have.

How the Student Loan Deferment Calculator Works

The deferred payment loan calculator breaks down your loan payment schedule under a deferment plan.

First of all, we calculate the monthly payment for each of your respective loans individually, taking into consideration the loan amount, interest rate, loan term, and prepayment.

Let’s be more specific. In order to use this calculator, you will need the following information:

  • Amount owed on subsidized loan
  • Amount owed on unsubsidized loan
  • Deferment period (repayment term in days, months, or years)
  • Annual interest rate

Once you have input that data and clicked ‘Calculate’, the calculator will churn out results that tell you:

  1. How much additional interest (if any) is accrued on your loan during deferment
  2. New loan balance once interest is added
  3. Total student loan balance (including both unsubsidized and subsidized loans)

Some people may use the calculator even if they do not have an existing loan.

Most times, they do this to get an idea of what this type of plan may look like before they commit to a loan.

That way, they get a better understanding of all their loan options beforehand. Having this type of information is key to help you plan financial aid, or how much you will need to pay over the life of the loan, for example.

While the loan calculator will issue you results even if the information you enter is invented, try as much as possible to use realistic estimates.

In doing so, you help yourself by generating results that are as close to what may happen in a real setting.

Deference vs Forbearance

Forbearance is another type of student loan repayment program that many confuse with deference.

The two offer similar benefits to student loan borrowers. Both allow borrowers to postpone their loan payments when they are going through a tough financial time.

What’s more, neither one of these programs affects your credit score. However, there are some major differences between them.

  • Interest accrual – When you defer payments on Perkins or unsubsidized federal loans, you do not accrue interest. That is not the case when you put loans into forbearance. In such cases, all loans accrue interest irrespective of whether they are federal or private student loans.
  • How you qualify – In order to qualify for deference, you need to have met specific requirements. For example, if you are not unemployed or at least registered as a part time student, you cannot be deemed eligible for loan deference. On the other hand, forbearance has more flexibility in its eligibility requirements. With it, you don’t need to have any prior condition in order to be eligible for it.
  • Application Process – Depending on the specific details surrounding your loan deferment, you may be required to fill out a different form. With forbearance, there is one generic form that you need to fill out. Based on the information you detail on it, your student loan servicer will make a decision as to how long you can use the program.
  • Length – The length of time given for a loan deferment is decided on a case by case basis. Sometimes, the maximum period is three years. In other cases, someone may be given a bigger deferment length. However, those cases are more extreme and are less likely to occur. With forbearance, you can only get it for twelve months at a time.

When Should You Take a Deferred Payment Loan

Applying for a deferred payment on your student loan comes with its advantages and disadvantages.

On one hand, it can prove to be a smart decision if you find it difficult to keep making payments on your loan.

In such cases, the deferment period will give you a financial breather which will allow you to reorganize your money. That way, you can meet your other financial obligations without hurting your pocket.

This makes even more sense if your loans are Perkins or are subsidized by the government. Because these types of loans do not incur any interest payments, the amount that you owe prior to taking a deferral remains the same once the period has elapsed.

Therefore, in theory, you won’t be taking on any more expense than you had initially. That said, if you do not have Perkins or federally subsidized loans, this may be an expensive option. This is because this type of program represents additional interest costs that you will have to bear.

Still, depending on your present financial situation, it may still be the best option for you.

If you don’t mind paying more in the long run for temporary financial relief, then a deferred payment is best. It is a better option than forbearance in the sense that you can be granted a longer repayment period.

Start Using a Student Loan Deferment Calculator

In short, a student loan deferment calculator is a useful resource that will help you on your journey towards financial freedom.

If you combine its use with a student loan repayment company like FutureFuel.io, you can double your efforts and clear your debt faster.