Student Loan Calculator
Estimate monthly payments and payoff time for student loans.
Inputs
$
%
years
Result
Monthly Payment$1,264.14
Total Interest$255,088.98
Total Paid$455,088.98
About the Student Loan Calculator
The Student Loan Calculator estimates monthly payments and total interest for federal or private student loans on standard amortization.
Calculation method
Standard amortization. Federal loans typically have fixed rates and 10-year terms; private loans vary.
M = P × r × (1 + r)^n / ((1 + r)^n − 1)How to use this calculator
- Enter the total loan balance.
- Enter the average interest rate.
- Enter the repayment term (usually 10 years for standard federal).
Example
$30,000 at 6% over 10 years has a $333 monthly payment and about $10,000 in total interest.
Frequently asked questions
What repayment plans exist for federal loans?
Standard (10-year), Graduated, Extended, and income-driven plans like SAVE and IBR. Income-driven plans lower payments but can extend the term to 20–25 years.
Should I refinance federal loans?
Refinancing to a private lender can lower the rate for high earners with good credit, but it permanently loses federal protections like income-driven plans and PSLF.
How does student loan interest capitalize?
Unpaid interest is added to the principal at certain events (end of grace, deferment, forbearance, plan changes), increasing future interest.
Student loans: what to know before you calculate
Student loans are amortizing installment loans — the same math as auto and personal loans — but the terms, rates, and repayment plans are unique. US federal loans have fixed rates set each July, standard 10-year terms, and income-driven options. Private loans price on credit and can be fixed or variable. Whichever type you have, the monthly payment depends on three inputs: balance, interest rate, and term.
Worked examples
- Undergraduate — $27,000 federal
$27,000 balance at 6.53% on the Standard 10-year plan = about $307/month, with roughly $9,850 total interest over the life of the loan.
- Graduate — $60,000 federal
$60,000 balance at 8.08% on a 10-year term = about $730/month, with roughly $27,600 total interest paid.
- Refinance — $45,000 private
Refinancing $45,000 from 7.5% to 5.75% over 10 years drops the payment from $534 to $493 and saves close to $5,000 in interest — if you don't need federal protections.
Student loan FAQs
How is a student loan monthly payment calculated?
Student loans use the standard amortizing-loan formula: M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the balance, r is the monthly interest rate (APR ÷ 12), and n is the number of months. Federal loans typically use a 10-year (120-month) standard term.
What is a realistic interest rate for student loans?
US federal undergraduate Direct loans for 2024–25 are 6.53% fixed, graduate Direct loans 8.08%, and PLUS loans 9.08%. Private student loan rates typically range from 4% to 15% depending on credit and whether you choose fixed or variable.
Standard vs. income-driven repayment — which saves more?
The Standard 10-year plan has the highest monthly payment but the lowest total interest. Income-driven plans (SAVE, IBR, PAYE) lower payments based on income but extend the term to 20–25 years, so total interest paid is usually much higher unless forgiveness applies.
Should I refinance federal student loans?
Refinancing to a private lender can reduce your rate if you have strong credit and stable income, but it permanently forfeits federal benefits: income-driven plans, deferment, forbearance, and Public Service Loan Forgiveness (PSLF). Only refinance federal loans if you're certain you won't need those protections.
Do extra payments really shorten a student loan?
Yes. Every extra dollar goes to principal, which lowers the balance interest is charged on next month. Just $50 extra per month on a $30,000 loan at 6% over 10 years pays it off about 18 months early and saves roughly $1,600 in interest.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Consult a qualified professional for decisions specific to your situation.