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Student Loan Calculator

Use our free Student Loan Calculator to estimate monthly payments, total interest, and repayment cost for federal or private student loans. Compare repayment terms and plan your payoff strategy.

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Reviewed & Methodology

Every calculator is built using industry-standard formulas, validated against authoritative sources, and reviewed by a credentialed financial professional. All calculations run privately in your browser - no data is stored or shared.

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How to Use the Student Loan Calculator

  1. 1. Enter your loan balance - input the total amount you borrowed or plan to borrow.
  2. 2. Set the interest rate - enter the annual rate for your federal or private loan.
  3. 3. Choose your repayment term - select how many years you plan to repay (standard is 10 years for federal loans).
  4. 4. View your payment breakdown - see your monthly payment, total interest, and total repayment cost.
  5. 5. Compare terms - adjust the term length to see how shorter or longer repayment periods affect cost.

Student Loan Calculator

Estimate your monthly student loan payment, total interest paid, and overall repayment cost based on your loan balance, interest rate, and repayment term. Whether you are a recent graduate planning your budget or a parent evaluating borrowing options, this calculator shows exactly what your student debt will cost over time.

How Student Loan Payments Are Calculated

Monthly payments use the standard amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan balance, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments. Total interest equals (M x n) - P.

Example

Loan BalanceRateTermMonthly PaymentTotal InterestTotal Cost
$35,0005.5%10 years$380$10,558$45,558
$35,0005.5%20 years$242$23,018$58,018
$50,0006.8%10 years$575$19,045$69,045
$28,0004.5%10 years$290$6,838$34,838

Key Factors That Affect Student Loan Cost

  • Interest rate — federal rates vary by loan type; private loans can range from 4% to 14%
  • Repayment term — extending from 10 to 25 years lowers monthly payments but can double total interest
  • Loan balance — graduate and professional school borrowers often carry $100,000+ in debt
  • Extra payments — even $50/month extra can shave years off your repayment and save thousands in interest
  • Income-driven plans — federal loans offer IDR plans that cap payments at a percentage of discretionary income

Tips

  1. Compare the 10-year standard plan against extended terms to see how much extra interest you would pay
  2. If total interest exceeds 50% of your principal, prioritize extra payments or refinancing
  3. Federal loan borrowers may qualify for Public Service Loan Forgiveness after 120 qualifying payments
  4. Refinancing to a lower rate can save significant money, but you lose federal protections like IDR and forbearance

Frequently Asked Questions

What is the difference between federal and private student loans?
Federal student loans are issued by the U.S. government and offer fixed interest rates (currently 5.50% for undergrad Direct Loans), income-driven repayment plans, and forgiveness programs. Private student loans come from banks or credit unions with rates ranging from 4% to 14% depending on creditworthiness, and they lack federal protections like deferment, forbearance, and loan forgiveness.
What are income-driven repayment plans and should I use one?
Income-driven repayment (IDR) plans cap your monthly payment at 10-20% of your discretionary income and extend the repayment term to 20-25 years, after which remaining balances are forgiven. These plans are ideal if your student loan payments exceed 10% of your gross income, but you will pay significantly more interest over time compared to the standard 10-year plan.
Should I refinance my student loans?
Refinancing makes sense if you can get a significantly lower interest rate, typically by having a strong credit score (720+) and stable income. For example, refinancing $50,000 from 6.8% to 4.5% over 10 years saves roughly $6,500 in interest. However, refinancing federal loans into a private loan means losing access to IDR plans, forbearance, and Public Service Loan Forgiveness.
What student loan forgiveness programs are available?
Public Service Loan Forgiveness (PSLF) forgives remaining federal loan balances after 120 qualifying payments (10 years) while working for a government or nonprofit employer. Teacher Loan Forgiveness offers up to $17,500 for teachers in low-income schools after 5 years. IDR plans forgive remaining balances after 20-25 years of payments, though the forgiven amount may be taxable.
What is the difference between standard and graduated repayment?
Standard repayment keeps your payment fixed over 10 years, resulting in the lowest total interest cost. Graduated repayment starts with lower payments that increase every two years over a 10-year term, which can help early-career borrowers but costs more in total interest. For a $35,000 loan at 5.5%, standard payments are about $380/month, while graduated starts around $250 and rises to $500+.

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