Student Loan Calculator
Find your monthly student loan payment and total interest, and see how extra payments help you pay it off sooner.
Results
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Quick Answer
A $30,000 student loan at 6.5% over 10 years costs about $340.64 a month and $10,877.27 in interest. Paying an extra $100 a month clears it in 7 years, 2 months and saves about $3,346.98 in interest.
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Table of Contents
- Student Loan Calculator
- Quick Answer
- Related Calculators
- How This Student Loan Calculator Works
- How to Use the Student Loan Calculator
- Core Formulas
- Worked Example
- Real-Life Examples
- Federal vs Private Student Loans
- Monthly Payment by Balance
- What Can Change Your Payment
- Common Mistakes to Avoid
- Frequently Asked Questions
- References & Sources
How This Student Loan Calculator Works
Enter your balance, rate and repayment term to see the standard monthly payment. Add an extra monthly amount to see how much sooner you finish and how much interest you save.
Quick explanation: each month, interest is added and your payment is taken off. Extra money goes straight to the balance.
- Standard plan: US federal loans default to 10 years.
- Several loans: use your total balance and an average rate for a rough figure.
- Extra payment: ask your servicer to apply it to the principal.
How to Use the Student Loan Calculator
- Enter your total student loan balance.
- Enter your interest rate. For several loans, use a weighted average rate.
- Enter your repayment term in years. The US federal standard plan is 10 years.
- Optionally, enter an extra amount you could pay each month.
- Press Calculate to see your payment, total interest and how much an extra payment saves.
Core Formulas
- Monthly rate: r = interest rate ÷ 12
- Monthly payment: M = P × r ÷ (1 − (1 + r) ^ −n)
- Total interest: M × n − P
- With extra payments: each month, new balance = balance × (1 + r) − (M + extra)
P is the balance and n is the number of months.
Worked Example
You owe $40,000 at 5.5% on a 10-year plan.
- Number of months = 120
- Monthly payment = $434.11
- Total interest = $12,092.61
- Total paid = $52,092.61
Real-Life Examples
- Small extra payments: on $30,000 at 6.5% over 10 years, an extra $50 a month saves about $1,985 in interest. An extra $200 saves about $5,099 and clears the loan in 5 years, 7 months.
- Several loans: with $10,000 at 4.99% and $20,000 at 6.54%, the weighted average rate is (10,000 × 4.99 + 20,000 × 6.54) ÷ 30,000 = 6.02%. Enter $30,000 at 6.02% for a combined estimate.
- A longer term: stretching the same loan to 25 years drops the payment to $202.56, but total interest rises to about $30,769.
- Refinancing: a 4.5% rate over 10 years would cut the payment to $310.92 and interest to about $7,310. Refinancing federal loans with a private lender means losing federal benefits.
Federal vs Private Student Loans
- Rates: federal loans have fixed rates set by law. Private loan rates depend on your credit and can be fixed or variable.
- Repayment plans: federal loans offer income-driven plans, deferment and forbearance. Private lenders offer fewer options.
- Forgiveness: some federal programs, such as Public Service Loan Forgiveness, only apply to federal loans.
- Refinancing: moving federal loans to a private lender may lower the rate but gives up these protections.
Monthly Payment by Balance
Monthly payment on a 10-year standard plan.
| Balance | 5% | 6.5% | 8% |
|---|---|---|---|
| $10,000 | $106.07 | $113.55 | $121.33 |
| $20,000 | $212.13 | $227.10 | $242.66 |
| $30,000 | $318.20 | $340.64 | $363.98 |
| $40,000 | $424.26 | $454.19 | $485.31 |
| $60,000 | $636.39 | $681.29 | $727.97 |
| $80,000 | $848.52 | $908.38 | $970.62 |
What Can Change Your Payment
- Repayment plan: income-driven plans base payments on your income.
- Variable rates: some private loans change rate over time.
- Interest while in school: unpaid interest may be added to the balance.
- Refinancing: a lower rate can cut costs, but federal benefits may be lost.
Common Mistakes to Avoid
- Not telling your servicer where extra money goes. Ask for it to be applied to principal, not future payments.
- Using the lowest rate for several loans. Use a weighted average, or put extra money on the highest-rate loan first.
- Picking a long term only for a low payment. It can add thousands in interest.
- Refinancing federal loans without checking. You may lose income-driven plans and forgiveness.
- Missing payments. Late payments can add fees and harm your credit. Contact your servicer early if you struggle.
Frequently Asked Questions
It uses your balance, monthly interest rate and number of months in the standard loan payment formula.
For US federal student loans, the standard plan is up to 10 years.
Yes. Extra money lowers the balance faster, so you pay less interest and finish sooner.
Yes, for a rough figure. Enter the total balance and an average rate, or check each loan on its own.
No. Those plans use your income and family size. See StudentAid.gov for them.
The extra amount lowers your principal, so less interest builds up and the loan ends sooner. Ask your servicer to apply it to principal.
Multiply each loan balance by its rate, add the results, and divide by the total balance.
Many people pay extra on high-rate loans first and invest when rates are low. It depends on your rates, goals and job security.
In the US, you may be able to deduct up to $2,500 of student loan interest a year, subject to income limits. Check IRS guidance.
References & Sources
| Source | Used For | Link |
|---|---|---|
| Federal Student Aid, Repayment plans | US federal repayment plan options. | https://studentaid.gov/manage-loans/repayment/plans |
| Consumer Financial Protection Bureau, Repay student debt | Help with student loan repayment. | https://www.consumerfinance.gov/paying-for-college/repay-student-debt/ |