Student Loan Calculator
Calculate your monthly student loan payments and total interest with this student loan calculator. Enter your loan balance, interest rate, and repayment term to see a full breakdown. Helpful for budgeting, repayment planning, and exploring refinancing options.
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Enter your loan details to see your payment schedule.
How Student Loan Repayment Works
Student loans accrue interest from the day the money is disbursed. During repayment, your monthly payment is applied first to accrued interest, then to the principal balance. In the early months of repayment, most of your payment goes toward interest — this is why it can feel like the balance barely moves at first, especially on large loans with long repayment terms.
The standard federal repayment plan uses a 10-year term, but income-driven repayment (IDR) plans like SAVE, PAYE, and IBR can lower monthly payments by capping them at a percentage of your discretionary income. Private student loans typically have fewer repayment options than federal loans.
Federal vs. Private Student Loans
| Federal Loans | Private Loans | |
|---|---|---|
| Interest rates | Fixed by Congress annually | Variable or fixed, credit-based |
| Forgiveness options | Yes (PSLF, IDR forgiveness) | Generally no |
| Income-driven plans | Available | Not available |
| Deferment / forbearance | Standardized options | Varies by lender |
How to Use This Calculator
- Enter your total loan balance (combine all loans or calculate one at a time).
- Enter the annual interest rate for the loan.
- Enter the repayment term in years (10 years is standard for federal loans).
- Click Calculate to see your monthly payment, total paid, and total interest cost.
Frequently Asked Questions
Does paying extra toward student loans make a big difference?
Yes — significantly. Extra payments go directly toward the principal, reducing the balance on which future interest is charged. Even an extra $50–100/month can save thousands of dollars in interest and cut months or years off your repayment timeline. Always make sure your extra payments are applied to principal, not future payments.
Should I refinance my student loans?
Refinancing can lower your interest rate if you have a strong credit score and income — but refinancing federal loans into private loans permanently eliminates access to income-driven repayment plans, Public Service Loan Forgiveness, and federal forbearance protections. Only refinance federal loans if you're certain you won't need those options.
What is Public Service Loan Forgiveness (PSLF)?
PSLF forgives the remaining balance on federal Direct Loans after 120 qualifying payments (10 years) while working full-time for a qualifying government or nonprofit employer. Payments must be made under an income-driven repayment plan. Only federal loans qualify — private loans are excluded.