Home › Calculators › Student Loan Calculator
Student Loan Calculator
Estimate your monthly student loan payment, the total interest, and how much faster you could be debt-free by paying a little extra.
How student loan payments are calculated
Federal and most private student loans are fixed-rate amortizing loans, so the payment uses M = P × r ÷ (1 − (1 + r)−n), with r the yearly rate ÷ 12 and n the number of months. If you have several loans at different rates, enter the total balance and the weighted average rate; federal consolidation uses the same average, rounded up to the next 1/8%.
Example: $35,000 at 6.5%
| Term | Monthly payment | Total interest |
|---|---|---|
| 10 years | $397.42 | $12,690 |
| 25 years | $236.32 | $35,897 |
The longer plan cuts the payment by $161 a month but nearly triples the interest, to more than the amount borrowed.
Options if the payment is too high
- Income-driven repayment (federal loans only) sets your payment as a share of your income, with any balance left after the plan's term forgiven. The rules have changed several times; check studentaid.gov for the plans open to you.
- Public Service Loan Forgiveness cancels the remaining federal balance after 120 qualifying payments while working for government or a non-profit.
- Refinancing with a private lender can lower your rate if your credit and income are strong, but you lose federal protections such as income-driven plans and forgiveness.
Paying more than the minimum? List your loans in the debt payoff calculator to see which to target first.
Frequently asked questions
What is the standard student loan repayment term?
The federal Standard Repayment Plan is 10 years of fixed payments. Consolidation and extended plans allow up to 25 to 30 years, which lowers the payment but greatly increases interest.
Should I pay off student loans early?
If your rate is above about 6% and you have an emergency fund and are getting any 401(k) match, extra payments are a guaranteed return equal to your rate. If you are working toward Public Service Loan Forgiveness, paying extra usually does not help.
Does interest build up while I'm in school?
On unsubsidized federal loans and most private loans, yes. Unpaid interest is added to the balance (capitalized) when repayment begins, so the balance you repay can be higher than what you borrowed.